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Office of Business and Finance

New Process to Upload ALL P Card Expenses into Budgets Each Week

November 07, 2016

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Dear Purchasing Cardholder, Approvers, Proxies and Budget Managers,

We are excited to share with you an improvement to our internal PCard process that will provide more timely transaction data to budget owners.  All PCard transactions will now be loaded into Colleague on a weekly basis. 

  •  Consistent with historical practice, all transactions which have been approved by the manager will be posted based upon the GL coding entered by the users.
  •  Additionally all transactions which have occurred, but which have not yet been approved, will also be posted to cardholder’s default department and a new holding account, object code 6298 “unallocated PCard transactions”.
  •  As transactions continue to move through the approval cycle they will be reversed from the default coding and recorded to the correct classification on a weekly basis.  This new process will make it even more critical to sign off on transactions every week.

Because we are using default settings to post unapproved transactions, there is a chance that some transactions will be posted (temporarily) to the incorrect department.  However, our process ensures that at the next weekly upload after approval, the transaction will be reversed and moved to the coding designated by the user/manager.  We believe that any temporary misallocation will be minor and the benefit of having up to date transactions in the system is greater than this risk.  

This process is intended to provide budget owners and finance staff visibility to all transactions occurring to date regardless of where they are in the internal approval process.  

We hope you are equally excited about this improvement to our process.  Please let me know if you have any questions.

 

Andrea Dooley                           

Controller                                   

For more information:

Steve Kirkwood
kirkwood@lclark.edu
ext 7798