The Corporate Procurement Card Program has established an efficient, cost-effective means of purchasing, has streamlined the process by replacing the need for small dollar authorizations/purchase orders, and has eliminated a substantial number of invoices coming through the accounts payable department.
The responsibilities of the Financial Services Department in managing the program includes:
- Signature approval of fiscal officer on all forms completed by procurement office.
- Technical liaison between the university, the bank and the state for maintenance of technical specifications, programs, and software applications.
- Coordination of security and connectivity requirements.
- Daily download of files from the Bank
- Provision of technical support for cardholders.
- Month End Reconciliation of all cardholder transactions against the State Report of all Transactions paid by the State.
- Month End Feed of cardholder transactions to the University’s Financial System.
- Month End Build and Transmit of electronic file to distribute cardholder transactions to appropriate program and fund in the State’s R*Stars Accounting System.
- Management of the ProCard Reallocation & Reconciliation System.
- Review of all records: team of reviewers make unannounced visits to each cardholder annually.
The fiscal officer or designee must sign all forms for cardholder applications, modifications, and cancellations. Signature indicates verification of department and account information.
Maintain technical specifications of secured file transfers, coordinate/troubleshoot ProCard Systems and Programs, and maintain/update sytem applications.
Coordination of Connectivity Requirements
Maintain and coordinate system security and user secured access profiles. Access to view information in the ProCard System is determined by each person’s security assignment that limits the individual’s access to specific departments. .
- The cardholder can access: without assigned security, the cardholder has access to view and reallocate his own transactions between the different account categories; and, can access the reconciliation feature to do on-line reconciliation to his bank statement.
- The cardholder can perform: with appropriate security assignment, the cardholder has access to any of the reallocation features to move transactions between departments and/or accounts as well as access to the reconciliation features of the program.
Daily Download of Bank Files
A daily download of files from the Bank populates the ProCard Reallocation & Reconciliation System. An encrypted zip file is retrieved daily by FTP from the Bank’s secured file transfer site. The zip file contains three text files including a billing period file, a transaction file, and a header file containing cumulative cardholder demographic information. There is no manual input to the ProCard System except the assignment of the cardholder's chosen default account. To ensure continuity and accuracy of information, all input to the system comes from the file feed from the Bank.
Provide Technical Support for Cardholders
Serve as a help line for cardholder questions and/or problems with system access, transaction reallocation, and reconciliation to bank statements, training needs, etc.
Month End Reconciliation
The billing period with the current Bank closes on the 25th of each month. Reconciliation is immediately made of all cardholder transactions to the report of transactions paid by the State. The reconciliation process utilizes a monthly report downloaded from the State’s on-line R*Stars system and a transaction summary report retrieved with Access Database programs from the ProCard System. The ProCard System maintains the transaction data to give the cardholders amply time to do reallocations and reconciliation to their statements.
Month End Feed to PeopleSoft
Close out of the ProCard System generates a feed of cardholder transactions (debits & credits) to the individual department budgets in the University’s PeopleSoft Financial System. Once the billing period is closed in the ProCard System, the cardholder can make no further reallocations to departments or accounts for that period.
Month End Job Process for R*Stars
All transactions paid by the State are accumulated in R*Stars Object 0902 and remain there until distributed to the correct program and funds based on the distribution to department budgets. The month end interface to accounting produces an output file that is transmitted electronically to the State to distribute the amounts in object 0902.
Management of the ProCard Reallocation & Reconciliation System
Maintain, troubleshoot, and coordinate system functioning with cardholders, department managers, the university’s computing/networking staff, the bank under current contract, and the State’s General Accounting Division.
The ProCard System was developed through the combined efforts of Financial Services and Computing & Network Services as a web-based system to assist our corporate VISA cardholders and department business managers with managing the VISA transactions. Cardholders access and update the VISA transactions before they are posted to the University's financial system. It also greatly simplifies monthly reconciliation by providing a printout of transactions with signature lines to be used as the required monthly procurement log. System features include:
- Access to VISA transactions within 3-4 days after a purchase.
- On-line cardholder log maintenance & monthly reconciliation.
- Reallocation to multiple accounts of transactions made with a single VISA card.
- Allows changes to account categories prior to posting.
- View transaction history by statement date.
Contact Financial Services firstname.lastname@example.org for a hands-on introduction & demonstration on using the ProCard System.