This service streamlines P-Card purchasing by shifting the reconciliation process to the Shared Services team. This collaboration ensures compliance, accuracy, and adherence to auditing standards, ultimately reducing the time departments spend on these tasks.
Process Steps:
Order Placement: The Department places and manages orders directly with suppliers.
- Shared Folder Management: The Department and Shared Services utilize a shared folder to store funding information and receipts/invoices. This ensures transparency and easy access to documentation.
- Weekly Monitoring: Shared Services monitors both the Bank of America (B of A) Works account and the shared folder weekly for new transactions.
- B of A Works Updates: Shared Services updates the B of A Works system weekly with the appropriate funding string and business purpose. They have the necessary permissions to perform these updates.
- Reconciliation: Shared Services reconciles the Works statement against the receipts in the shared folder, ensuring all transactions are properly documented and signed off.
- Monthly Submission: Shared Services signs off on the reconciliation and submits it for approval within the Works system.
- Department Approval: The Department reviews and approves the reconciliation in Works, including the expense authorizer’s signature.
Key Features:
- Department Responsibility: Order placement and initial documentation.
- Shared Services Responsibility: Reconciliation, reviews and sign-off.
- Shared Folder: Centralized repository for funding information and receipts.
- Weekly Monitoring: Proactive tracking of transactions.
- Monthly Reconciliation and Approval: Standardized process for financial control.