University of Vermont

Success Tips

10.0 TIPS FOR SUCCESS

To ensure your continued empowerment to use the Purchasing Card, the following actions are recommended:

  • Reallocate your PurCard charges on a monthly basis in PeopleSoft, using the correct account and chart string.
  • Print the PurCard journal.
  • Write the name of the cardholder above the line on the top of the report.
  • Obtain the supervisor's signature on the report.
  • Staple all original receipts to the report.
    • These are required for audit purposes. UVM must keep all records for seven years.
    • For orders placed via the web or other electronic means, print a receipt/invoice page, usually displayed at the conclusion of the ordering process. This should include a merchandise itemization with prices, shipping/handling charges and an order total. Many vendors will also provide an acceptable invoice/receipt in a follow-up e-mail.
    • Note any chart string reallocations that are needed on the invoice - until you reallocate.
    • It may be necessary to submit an original invoice or receipt when returning merchandise to a vendor. Check with the vendor first, and if this is the case, put a photocopy of the original document, along with a note of explanation with the PurCard journal report.
  • Include additional supporting documentation as outlined below:
    • Documentation required by UVM's Business Meal and Amenity Policy.
    • Explanations for any documents that are not originals.
    • Documentation for any "unusual" purchases that might require further explanation.
    • Documentation for airfare, hotel, transportation, and meal charges - complete on the journal report to comply with the IRS Accountable Plan Rules:
      • Name of the traveler
      • Destination
      • Business purpose of the trip

Also, note the following as you review your transactions:
  • Ensure that all transactions are free of VT sales tax charges, as UVM is exempt from the state sales tax.
  • Credits may not be posted during the same billing cycle as the charge being adjusted. Invoices are required to document credit transactions. Keep a copy of the original invoice to document the adjustment when it is received.

Contact the vendor to request a duplicate invoice if the original is lost.  

Last modified February 12 2010 03:13 PM

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