RECONCILING YOUR MONTHLY STATEMENT
The billing cycle with Mellon
Bank ends the 15th of each month or the next business day. You
will receive your monthly statement in the mail approximately ten
to 15 business days after this. The Program Administrator will pay the
total bill within 30 days after
the end of the billing cycle. The statement you receive is
not a bill; it is for your information and reconciliation
You have 10 days from the date you receive your statement
to reconcile it and return your PurCard Journal Report, with receipts
and documentation attach, to Procurement Services. Here's how
1. Review each charge on the monthly
statement to verify it is correct and agrees with the actual receipt. Match the monthly Purchasing
furnished by Mellon Bank with PurCard Journal Report. Amounts of all three should
- A vendor’s
billing date may different than your order date. If you received
an order in more than one shipment, the dollar total of the receipts or
packing slips from the partial shipments may have been billed as one
charge on your statement.
- If you only
received a partial shipment, you should only have a partial charge on
your statement. It is illegal for vendors to charge your card for
merchandise not shipped.
- A supplier’s
billing name may be different than the name by which you know them.
2. Print the PurCard Journal Report. Using the correct navigation in PeopleSoft will produce the correct report. The cardholder's name will be preprinted at the top of the page.
3. Attach all original receipts and documentation to the PurCard
4. The Business
Meal and Amenity Policy and Travel Policy must
be followed. The PurCard Journal
report provides space to capture the IRS' Accountable Plan
Rules. This is true for all travel and meal transactions.
Please provide the following
information (either on the receipt or on the PurCard Journal report) for travel:
- name of the traveler
- business purpose of the trip.
Please provide the following
information (either on the receipt or on the PurCard Journal report) for business meals and hospitality activities:
- names of attendees
- business purpose of the meal.
5. Any reallocation
of expenses to a grant or contract must comply with applicable account
restrictions. Reallocation to/from a grant to another must
occur within the same billing cycle in which the original expense
occurred. Expense transfers requested after the end of the
billing cycle must comply with the following policies: Cost
Transfers on Grants & Contracts and Sponsored
Projects Expense Transfers.
6. If transfers
are not made in a timely fashion, and a grant is closed, the
expense will be charged to the cardholder’s departmental account.
7. Sign and
date your PurCard Journal Report. The report must be signed by
If charges have been reallocated to other chart strings, an appropriate
signature(s) must appear next to each transaction not authorized
by the person who normally signs the bottom of the report.
- Substitutions for the cardholder's signature will not be accepted.
- Signature stamps will not be accepted.
8. Route to obtain supervisor
Signature stamps will not be accepted. Supervisor’s
on the PurCard Journal Report indicates the following:
are appropriate University business, and fall within University and
to keep track of returns, credits, or disputed items for future
statement reconciliation. In case of returns, credits,
or disputed items, the Purchasing Cardholder is responsible
for coordinating directly with the supplier and MasterCard.
• All original receipts are attached.
• Transactions are within guideline limits -
• Transactions are charged to the correct chart
string and account.
• Transactions have been reallocated if necessary.
• Any additional documentation requirements have been
• No Vermont Sales Tax has been charged.
You may have departmental
about who verifies and signs the PurCard Journal Report.
10. After reconciliation
of each billing statement, resolve any discrepancies.