PCard 45 day reconciling policy

Feb 28, 2023 | News

Did you know? According to the U-M Policy outlined in SPG 507.10-1 Section ll, PCard transactions must be reconciled within 45 days. Email reminders are sent to the cardholder, their default approver, and the department manager regarding outstanding transactions. 

By reconciling PCard expenses timely, you help ensure:

  • The university remains in compliance with IRS guidelines for recognizing business expenses
  • Fraudulent charges are identified and reported within JPMorgan’s 60-day deadline
  • Expenses are applied to unit chartfields timely–which is especially important for sponsored grants
  • Personal transactions are identified promptly, reconciled, and payroll deducted

To reconcile PCard transactions on time: 

  • Check Concur frequently for any PCard transactions and open reports
  • Reconcile transactions ideally within 10 days, but no later than 45 days
  • Check that your email is not filtering communications concerning your PCard
  • If you use the Shared Services Center (SSC) for your expense report creation, submit the request punctually to allow sufficient time for the creation of the report and your submission to the approver within 45 days

Department managers can also assist in ensuring the department’s cardholders are in compliance by following these helpful guidelines:

  • Review automated burst reports emailed monthly, including: 
    • Outstanding PCard Transactions
    • Unsubmitted Expense Reports
    • Missing Default Expense Approver
  • Notify the PCard team immediately using the Request a Change to My PCard eform if a cardholder is on an extended leave of absence, moves to another department, or is released from employment, so their card can be suspended or closed

We look forward to assisting you with your PCard needs, please feel free to reach out to us with any questions.

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