Review
of Monthly Statement
17.1 At the end of each monthly billing cycle, the Cardholder
shall print their Electronic Statement of Account which will be
available on the PaymentNet Web site. This statement will list all
of the Cardholder's transactions for the billing cycle. A paper
copy of the statement will be mailed directly to the Cardholder
from JP Morgan Chase. However, due to schedule constraints on closing
the periods in the College's General Ledger system, Cardholders
should not wait for the paper copy to review their monthly statement.
The paper copy of the Electronic Statement should be retained in
the Cardholder's files it should not be sent to Accounts Payable.
Special Note:
The College's accounting cycles and PaymentNet's billing cycles
are identical.
a. The original sales documents (packing slip, invoice, cash
register tape, etc.) for all items listed on the Electronic Statement
must be neatly attached in sequence to the statement. This data
attachment is critical to providing audit substantiation. The
careful matching of complete supporting documents to the statement
is vital to the success of this program.
b. After review the Cardholder shall sign and date the Electronic
Statement and present the statement to the Budget Authority for
approval. This step is only required if the Cardholder does not
have approval authority.
c. The Electronic Statement matching process must be completed
within 3 business days after the statement is available on-line.
If no action is taken within the 3 day period, the transaction(s)
will automatically be charged against the default account and
it will be the responsibility of the Cardholder to complete any
required journal entries to change the account distribution.
d. The completed statement packet must be forwarded to the Accounts
Payable Department for audit and record retention within 10 business
days of the billing cycle.
17.3 For a discrepancy associated with a charge, any one or more
of the following situations may exist:
- Insufficient support documentation
- The card has been used for an Unauthorized Purchase (Section
9.0)
- The Cardholder disputes the charge (Section 16.0)
- All discrepancies must be investigated and resolved. The disposition
of each discrepancy must be documented and retained with the support
documentation and monthly Electronic Statement.
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