9. Reconciliation

9.1 Transactions are posted on PaymentNet™ daily as they are received from the bank.

9.2 Cardholder reviews transactions on PaymentNet™ and, if necessary, reallocates each charge to the appropriate University account number.

9.3 Primary Approving Official approves the Cardholder’s transactions on PaymentNet™.  In the absence of the Primary Approving Official, the Secondary Approving Official assumes responsibility.

9.4 The Primary Approving Official must reconcile the receipts to the on-line transaction file. The reconciling of purchases to the on-line transaction file must be made by someone other than the purchaser.

9.5  Any discrepancies in billing must be marked as disputed charges on PaymentNet™.  

9.6 The Cardholder’s Commercial Card Statement must be signed by both the Cardholder and Primary Approving Official, verifying that all charges made within the billing cycle match the charges on the statement.  Billing cycles will end on the last business day of the month.

9.7  The signed and approved Commercial Card Statement and all receipts shall be submitted to Accounts Payable.  Departments are responsible for retaining documentation for grants according to the grant’s guidelines.

9.8 If receipts are missing, the Cardholder must request a copy from the vendor.  An Affidavit for Lost Receipt form is acceptable only if the vendor was unable to provide a receipt copy. 
 
9.9 If a transaction is not approved by the required date (see Billing Cycle Schedule), the following action will take place:
If not approved within:

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