P-Card transactions for the previous cycle period (P-Card transactions posted in Works from the 24th of the previous month through the 23rd of the current month) will be swept from Works and uploaded to Bronco Hub financial reports on the first business day of the month regardless of sign-off status.
Cardholder or Reconciler Sign-Off
Cardholders and reconcilers can review, allocate, and sign off as transactions post in Works during the current billing cycle. Each area provides the final cardholder due date for sign-off of expense and submission of p-card documentation. Recommended: Set cardholder’s final sign-off date two business days from the 23rd (last day of the billing cycle).
- Works generates email notifications alerting cardholders and reconcilers of transactions posting to Works as a reminder to sign off. Encourage cardholders/reconcilers to sign off daily or weekly as transactions post in Works.
- The Works Cardholder Statement is scheduled to run for cardholders two days after the billing cycle closes each month. The report provides previous cycle transactions with allocation detail. Cardholders are required to sign this report as acknowledgment that transactions have been reviewed and signed off (audit requirement).
- The signed Works Cardholder Statement, receipts and other supporting documentation must be provided to the department per your area’s established procedure.
Ideally, previous cycle P-Card expense should be signed off by the Works approver on or by the last day of the month. Transactions within the previous cycle period will be swept for upload to university financial reports on the first business day of each month regardless of Works sign-off status.
- Previous cycle transactions are locked from editing in Works on the first business day of the month.
- If allocation is invalid or incomplete, transactions will post to the cardholder’s assigned default segment string.
- Corrections to previous cycle P-Card allocation entries after month-end must be completed by the department via Correcting Entry Request. This creates additional steps for your area so it’s best to review expense allocation entries by the last day of the month.
Departments Manage P-Card Sign-Off
Departments are responsible for ensuring expense is allocated to the correct funding source when first incurred. See Proper Funds Management (6380) – Establishes guidelines for properly managing the University’s financial data by ensuring transactions are coded to the correct funding source when first incurred and that a timely review of financial expenditures is conducted to prevent the need for correcting entries.
What can the departments do to ensure P-Card expense is allocated correctly and timely?
Communicate your area’s final cardholder due date for sign-off of expense and submission of P-Card documentation to all cardholders in your area. The recommended procedure:
- Set the final cardholder sign off due date at two business days from the 23rd (last day of the bank billing cycle).
- Encourage cardholders or reconcilers to sign off on P-Card expense weekly; review sign-off progress once a week for your area and send reminders to cardholders/reconcilers to complete sign off if they haven’t done so.
Best business practice examples for managing sign-off
Approvers can create a Google Calendar with Cardholder Sign-Off Due Dates for their area and share it with their cardholders. Set ‘Event notification’ auto-reminders to complete sign-off at selected intervals throughout the P-Card cycle.
Use Works Reports to manage sign-off:
- Run a Works ‘cycle to date’ report to view transaction sign-off status each week as the month progresses.
- Remind cardholders and approvers to sign off promptly.
Set up a shared file (or Google Drive folders) for cardholders in your area
Direct cardholders/reconcilers to save receipts and supporting documentation to the file weekly after sign-off.
- Store documentation by P-Card Cycle/Cardholder Name (i.e. PCard 07-2021_Bronco, Buster).
- Move all documentation to a secure file (limited access) after sign-off is complete to safeguard documentation. Departments must maintain P-Card documentation for five years.