SECTION: PURCHASING CARD
SUBJECT: RECONCILIATION, APPROVAL AND ALLOCATION OF BILLING
PROCEDURE: ALL CAMPUSES
RECONCILIATION, APPROVAL AND ALLOCATION OF BILLING
Receipt and Payment of Bank of America Billing
- Bank of America will electronically bill the University of South Carolina within seven (7) days after the close of the billing cycle on the 27th of each month.
- Purchasing Card Administrator will review bill for any obvious errors in charges. If none noted, payment in full will be made to Bank of America.
- Purchasing Card Administrator will prepare payment voucher against prepay object code and submit to Accounting for an EFT to be issued to Bank of America. Voucher will be prepared within 5 days after receipt of the Bank of America bill and processed so that payment will reach Bank of America no later than 25 calendar days after the close of the billing cycle of the previous month.
- EFT will be transmitted in accordance with Bank of America's instructions.
Allocation of Purchasing Card Charges to Departments
A default account and object code will be assigned to each Purchasing Card issued. Bank of America will submit monthly an electronic billing statement to the University of South Carolina and all Purchasing Card transactions will be charged to the default account number unless adjustments are made as follows:
- Department Liaisons will change account and/or object codes as necessary.
- Department Liaisons will add analytical information for cost sharing, if necessary.
- Department Liaisons will identify transactions requiring payment of use tax.
- Department Liaisons will be notified via e-mail each time a transaction is posted from the Bank and allows for immediate reconciliation in lieu of waiting for the statement at the end of the month to reconcile the charge.
- Department Liaisons will assemble and retain Cardholders statements, charge slips and receipts for audit by internal and external auditors. Receipts for purchases made from Federal funds must be maintained for 7 years and all other receipts for 3 years.
- Purchasing Card Administrator will process upload of the department charges to Accounting for proper charging of individual departments.
- The total amount billed by Bank of America will be charged to the individual department accounts and credits for disputed transactions will be posted to department accounts when credit appears on the Bank of America billing.
- Purchasing Card Administrator will reconcile the detailed electronic billing statement to amount paid Bank of America.