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Reconciliation of Billing Statements

    • Last Updated: 06/17/2016
    • Effective Date:

    Policy Statement
    University of Georgia p-card holders must maintain a log of charges, obtain receipts for purchases, and reconcile monthly card statements. Individuals with the p-card role of cardholder and approving official will review monthly p-card statements in a timely manner.
    Reason for policy
    This policy is to ensure that the University of Georgia complies with p-card requirements found in the Statewide Purchasing Card Policy issued by the State Purchasing Division and the Board of Regents Business Procedures Manual.  
    Procedures
    The procedures for conducting a reconciliation of billing statements are provided in Section 11.0 of the UGA P-Card Manual.  Additionally, cardholders may wish to utilize the Monthly Statement Reconciliation Checklist contained in Appendix E of the UGA P-Card Manual.
    Additional contacts

    Jill Haag, Lynn Stephens 

    Phone Number: 706-542-2361

    Responsibilities

    Responsible University Senior Administrator: Vice President for Finance & Administration 

    Responsible University Administrator: Procurement Officer 

    Policy Owner: Procurement 

    Policy Contact: Jill Haag, Lynn Stephens 

    Phone Number: 706-542-2361 

    Responsibilities: The cardholder must review the reconciliation package and sign and date the monthly billing statement to indicate that a review of the reconciliation package has been conducted. 

    Responsibilities: A propriety review of each cardholder’s transaction must occur. This review may be completed by a facilitator or the approving official; however, the approving official is responsible for ensuring that a propriety review has been conducted. 

    Responsibilities: The approving official must review the reconciled billing package on a monthly basis and evidence the review by signing the Bank of America billing statement.

    Record Retention

    Series documents administration of credit cards and P-Cards issued to institutional staff and units. Records may include: applications; master monthly billing statements; individual card holders' statements; billing summaries; printouts including vendor analysis by code; number of charges and stores; use summaries; related correspondence.

    Retention:  7 years, BOR 0472-03-013

    FAQs

    Question 1.  What happens if the cardholder fails to maintain a transaction log or fails to review the reconciliation package and sign and date the monthly billing statement?

    Answer 1. UGA will issue a notice of non-compliance. Receipt of five (5) UGA notices of non-compliance will result in loss of p-card and possible disciplinary action, up to and including termination of employment. 

    Question 2. What happens if the approving official fails to review and approve p-card transactions on a monthly basis? 

    Answer 2. UGA will issue a notice of non-compliance. Receipt of five (5) UGA notices of non-compliance will result in loss of p-card and possible disciplinary action, up to and including termination of