The corporate procurement card program provides efficient means of making purchases, replaces the need for small dollar purchase orders, and eliminates substantial numbers of invoices in accounts payable.
The procard system is a custom program that allows our cardholders to easily manage transactions in the state's corporate Visa program to make purchases of $5000.00 and under through Visa instead of invoicing. Should you have any questions, please e-mail procard AT_TOWSON.
Visa transactions are posted to the PeopleSoft Financials system each month as part of the financials general ledger month-end close. To determine where the charges will hit in the PeopleSoft Financial system:
Cardholders should choose a default account that is most appropriate for the majority of their charges. This minimizes the number of transactions that have to be reallocated to appropriate categories. To select or change your default account, send an e-mail request to procard AT_TOWSON.
Financial Systems 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 Systems 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 held longer in the procard system to allow cardholders time to reallocate transactions as they choose. On an established schedule, Financial Systems 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.
One of the primary features of the procard reallocation & reconciliation system is to assist cardholders with managing the Visa transactions prior to posting to the university's PeopleSoft Financials system.
Charges and credits are available to cardholders or department business managers within 3-4 days of Visa posting the transaction. Transactions should be reallocated as appropriate to other departments and/or other account categories.
Access to the procard reallocation & reconciliation system is determined by the user's security clearance that is maintained in the university's financial reporting system security tables.
Security set up in this manner means that your transactions can be reallocated only between your own department numbers. For any amounts to be charged to another area, standard methods of transfer are still available such as interdepartmental requests and the spreadsheet upload process.
The procurement card compliance review program was developed to educate cardholders on state and university regulations and to protect the university from card misuse, abuse, or fraudulent activity. The program is a risk-management approach used by Financial Systems reviewers who conduct unscheduled reviews of cardholder records.
Despite mandatory training, some cardholders may not comply with the policies and procedures of the program. The following areas are of particular concern:
Financial Systems staff completes the cardholder review and provides the information to the Procurement Office where the cardholder is determined as in or not in compliance. In accordance with established policies, the Procurement Office will notify those found non-compliant of action to be taken including additional training.
For questions about the review program, contact Comptroller Cathy Mattern at 410-704-5563 or cmattern AT_TOWSON.
Contact Financial Systems at procard AT_TOWSON for a hands-on introduction & demonstration on using the procard system.