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:
- 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.
- 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.
- The P-Card Team will place all transactions in an “Approved” status and will process the batch.
- 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.
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.