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Purchasing Review & Control of Purchases

 

Control Prior to Purchase

Purchases are controlled through a combination of external controls and internal Policies and Procedures. The bank's Card Processor checks the following criteria for each transaction prior to giving the vendor approval to accept the transaction.

  • Card status
  • Dollar limit of individual transaction
  • Monthly dollar limit
  • MCC number not blocked MCC number
  • Daily dollar limit
  • Daily limit on number of transactions
  • Monthly limit on number of transactions

If any of the above criteria exceed the parameters set up for a FCard, the Card Processor will refuse to give the vendor approval to accept the Card as payment for the transaction.

FCard Policies and Procedures define the Approved and Prohibited items that may or may not be purchased using the FCard.

 

Review Procedures

Weekly/Monthly Review

The PCard Office reviews various reports provided by the system. The PCard Office will note any unusual activity for a Card and will send written notification to the department.

The PCard Office will review all transactions in Chrome River.

  • Detailed receipts submitted
  • Appropriate Account Code allocation
  • Clear business purpose
  • Purchases are appropriate and within the University's Policies

 

Violations

  • Supporting documentation is not included or does not provide line item information including item description, quantity, and dollar amounts
  • Supporting documentation was altered
  • Transactions not reconciled and submitted in Chrome River within 10 days of the Post Date
  • The Cardholder has failed to respond to requests from the PCard Office for additional information
  • Sales tax assessed and paid and Cardholder has not requested a credit
  • The FCard was used to pay for an unallowable good/service
  • It appears that there was a purchase of a prohibited item
  • Fuel purchased for personal vehicle
  • There appears to be a personal purchase made
    • Immediate cancellation follows.
    • Immediate personal reimbursement required.
    • Potential disciplinary action up to and including termination of employment.

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