Each month, the cardholder will receive a bank statement detailing all the transactions during the stated period. Depending on how the procurement card system is managed within your institution, the statement may come directly from the bank or via a procurement card administrator.
It is essential that the cardholder completes a reconciliation of the details on the bank statement and the transaction log. Any queries should be resolved and if this is not possible, the problem should be reported to the procurement card administrator.
The reconciled bank statement should be signed and dated by the cardholder’s line manager or Head of Department (as required under the institution’s own procedures) before forwarding to the Procurement Card Administrator for action (and payment).
Note: the line manager who authorises the bank statement (thereby confirming that the information is correct) should as a matter of course complete a number of random checks to satisfy him/herself of the accuracy and appropriateness of the use of the procurement card.
All documentation (order confirmations, delivery note, credit card slips etc) should be attached to the statement and, depending on the institution’s policy, filed in the cardholder's department or forwarded to the Finance Department.
Automation of the GPC card reconciliation process options
A large part of the card reconciliation process can be automated and once a scheme has been embedded and rolled out it is essential to look at automating the process.
- Karen Hulatt at Gloucestershire College have written there own Access database which is on a shared drive (copy available) hulatk@GLOSCAT.ac.uk this is good if you have someone internal with good Access Database skills as it is free and can be tailored to your own requirements.
- Noel Cassidy at Cambridge Regional College have implemented the free base package of eSolutions NCassidy@camre.ac.uk for more details or visit eSolutions software (Company PCCL). This is a web based peace of software with a free base level but does have chargeable extra features. Ideal solution for those who are happy with the base package and do not have the in house IT expertise to automate this process. It is important to note that under the new GPC3 framework the above is one of several suppliers that now offer solutions.
- Peter Moore at Chelmsford College used a company called cyberd@n who wrote a bespoke peace of software for their Corero / Mondas software and charged several days consultancy for the work. firstname.lastname@example.org.