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 Colleges' accounting cycles and the PaymentNet billing cycles are identical.
- 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.
- 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.
- 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.
- The completed statement packet must be forwarded to the Purchasing 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.