Procurement Card Guidance 2022

• A cardholder may opt to return an item that is not what was expected or is no longer needed. In this situation, the above process applies with the exception of return shipping charges. The cardholder will now be responsible for paying shipping charges to return the item; will, most likely, not be refunded the original shipping charges and may be subject to a restocking fee (a percentage of the original cost for the handling of the item back into inventory by the vendor). A restocking fee may vary from minimal (1-2%) to more costly (25-30%). The cardholder must weigh the cost of the entire return against the original cost of the item(s). It may be advantageous to the department, as well as the college, to find another use within the department or college community. Obtaining credits Regardless of the circumstance for requesting a credit (returns, sales tax, incorrect/duplicate billings, etc.), the cardholder should use a "Credit Pending Form" as backup documentation for audit purposes. The form should include the following information: • Date • Vendor name • Name of person handling the credit • Brief explanation of problem and expected outcome. If the cardholder is unable to resolve the situation within a reasonable timeframe (minimum 1 full billing cycle), please contact the Business Office for assistance in obtaining credit due. Monthly Reconciliation Reconciling charges- Each cardholder is responsible to reconcile their card promptly each month. A reconciliation email will be sent around the 8 th of each month from the Program Administrator. This email will contain the billing cycle date you must use to reconcile your charges as well as the deadline date for your reconciliation. You will need to print out your Chase statement every month for your records and for submission with your reconciliation documents to the Program Administrator. NOTE: Your Chase monthly statement will need to be reviewed and signed by your Supervisor . Please send the original signed statement with all you purchase receipts, supporting documents to Account Payable office no later than 20 th of each month . FMS Certification Basics Once you start using your P-Card, you will need to reconcile your charges and/or credits monthly. To begin the process, print out and review your JPMorgan Chase statement, then proceed to the following: • Log into the Finance & Management System (FMS) . • Click on Cardholder Statement via the Finance drop-down menu. • You can select any billing cycle on record via the Statement Cycle drop-down menu. • Select the billing cycle you want to reconcile. • Click on Edit for the transaction you wish to review. • Review the Transaction Details . • Click on Edit Funding in the Funding Information section. • Review the Funding Line information. Adjust the Account Number , Sub Object Code , Fiscal Year , and Amount as needed. If you have any questions on coding, contact the

Last updated 10/2022

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