How do the VISA Charges Get to Department Budgets?
It's Magic! Financial Services is responsible for the distribution of all financial transactions created under the VISA Corporate Card Program. Cardholder charges and credits posted to VISA on a daily basis are pulled down by Financial Services from the Bank via electronic transfer, and are maintained as a database in the ProCard Reallocation & Reconciliation System.
While the twenty-fifth of each month is the transaction cutoff date established by the Bank, the accumulated transactions are maintained in the ProCard System to allow cardholders time to reallocate transactions as they choose. On an established schedule, Financial Services uses Access Database programs to obtain the total number of cardholder transactions, the total dollar value of those transactions as received from the Bank, and the details of any reallocations performed by cardholders.
At the same time, a report file is downloaded from the State's General Accounting Division. A reconciliation process is completed to compare the State's values to the values obtained from the ProCard System. The totals are reconciled and the transaction data from the ProCard System is processed through an edit program that identifies department and account data associated with each VISA Card transaction and posts those transactions to the PeopleSoft Financials System.
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