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.