VCOM Institutional Policy and Procedure Manual

VCOM Policy and Procedure

Policy U0 20

contacting the merchant s , and then contacting the card issuer , possibly to dispute erroneous charg es. This process is important. As c ardholders, you are responsible for being good stewards of VCOM’s monies. For each receipt or purchase, c ardholders shall record an entry on VCOM’s Credit Card Log . Cardholders shall enter the Purchase/Transaction Date s , the Vendor’s Name s , the Amount s on the original , itemized receipt s , the Purchaser’s or Requestor’s Nam es, and Description s of the purchase s on the Credit Card Log s as well as the purpose (ie: business travel – where to – or business pertained to) T he description s should appear on the monthly report listing transactions for th e division or department. So, C ardholders should consider description s that are useful and are not repetitive of other information already on the Credit Card Log s . The Credit Card Log s have drop - down boxes for the following fields: Charge Type, Campus, Fund, GL Code, Program Code, Project Code, Department Code , and information about SC sales tax . Cardholders shall select the appropriate values for each field from the drop - dow n boxes. Cardholders purchasing items in the state of South Carolina shall review original, itemized receipts to learn if South Carolina sales tax was charged by the vendor s . The appropriate value shall be entered in the first drop - box under the heading “SC Purchases Only” , and the amount of sales tax that VCOM will remit in the second column under the heading “SC Purchases Only”. Step 5: The Cardholder s shall sign the Credit Card Log s , and then the cardholder s ’ supervisor shall sign the Credit Card Log s . Approving supervisors shall be responsible for reviewing the entries on the Credit Card Log s , the supporting receipts and the monthly credit card statement s . Their signature s certify the review s have occurred, and that all expenses incurred by the Cardholder s appear appropriate , and are necessary business expenses. Divisional officers or budget managers may wish t o review and approve c ardholder s ’ Credit Card Logs . The c ardholders’ supervisor s should ensure t hat review occurs before the Credit Card Logs are turned in to the Business Office by the established deadline s . If c ardholder s charge expenses to other division s, the Cardholders are responsible for obtaining approval s , in advance, for incurring such expenses. The approval s can be in the form of approving e - mail s attached to the monthly Credit Card Log s . Or, the divisional officer s or budget manager s whose division has been charged can sign the monthly Credit Card Log s . Cardholders shoul d contact the campus Director for Accounting and Budgets or Staff Accountant , if they have questions about the Credit Card Log s . Step 4: Cardholders shall attach the itemized receipts and the appropriate monthly charge card statement s to the Credit Card Log s .

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