Cardholder Reconciliation Process

At least monthly (more frequently if high volume requires) cardholders and/or their supervisor/manager should go on line to review and approve any charges that may have posted by clicking on the box next to each transaction. The cardholder is required to reconcile (i.e. review and approve) all transactions made using the corporate card with the documentation(e.g. receipts) throughout the month. The internet on-line system provides cardholders and their managers with data to reconcile and approve individual transactions, provides a means to allocate account codes prior to mapping to the general ledger and recording sales tax, and allows cardholders to monitor monthly spending activity as it happens and dispute purchases online.

Each month, the corporate card provider sends to the cardholder a statement that includes a listing of purchases made and credits received during the monthly billing cycle. The monthly statement is a reference document. It is not a bill. The cardholder is responsible to perform an online verification of all activity listed on the statement for accuracy. Cardholder ensures that any debits or credits expected as the result of returned or exchanged goods or credits from disputed charges from the previous month are accurately reflected on the account.

It is critical that the cardholder reconcile the transactions to the statement and the cardholder's supervisor approves the reconciliation. The online reconciliation must be completed by the last day of the month. An electronic copy of the receipt must be attached to the online system.