P-Card Hardclose

The P-Card Team conducts a “Hardclose” of all P-Card transactions once per month, generally one day before the last business day of the month.  We are required to conduct the Hardclose in order to:

  •  Account for all transactions within the fiscal period in which the transaction occurred.
  • Provide supporting documentation of payment to P-Card provider.

 

On a monthly basis, the P-Card Hardclose is conducted as follows:

  1. Two weeks prior to the Hardclose deadline, Users are notified by the P-Card Team of the date and time of the scheduled Hardclose.  If not yet completed, Users are instructed to reconcile and approve all transactions for the current billing period.  Note:  Approved transactions with no errors will post to the Financials on a nightly basis.  We recommend that Reconcilers and Approvers reconcile and approve on a weekly basis.
  2. On the day of the Hardclose, the P-Card Team must review all “Staged” and “Verified transactions.  Any transactions with errors or allocated to a sponsored project will be allocated to the default Chart String associated with the P-Card.
  3. The P-Card Team will place all transactions in an “Approved” status and will process the batch.
  4. Vouchers are posted to the Financials.

 

After completion of the P-Card Hardclose, the P-Card Team is prepared to conduct the Monthly Audit of P-Card transactions.

Monthly Audit Process

A monthly review and audit for all P-Card transactions is conducted by the P-Card Team. The review includes the following:

  • Cardholder and Approver sign off prior to the hard close deadline
  • Complete business purpose provided where required (i.e., cards with food and hotel privileges)
  • Receipt is attached for food and hotel transactions
  • Use of the P-Card for a restricted purpose
  • Use of the P-Card for a split transaction

 

Repeat offenders will have their P-Card suspended and/or revoked.  Additional audits will be conducted as necessary.

 

The P-Card Team will send an Infraction Notification email to the Cardholder and DPAD.  Please review the P-Card Audit Policy and Process for details on how to correct or respond to an infraction.