VCOM Institutional Policy and Procedure Manual

VCOM Policy and Procedure

Policy U020

contacting the merchants, and then contacting the card issuer, possibly to dispute erroneous charges. This process is important. As cardholders, you are responsible for being good stewards of VCOM’s monies. For each receipt or purchase, cardholders shall record an entry on VCOM’s Credit Card Log . Cardholders shall enter the Purchase/Transaction Dates , the Vendor’s Name s, the Amounts on the original, itemized receipts , the Purchaser’s or Requestor’s Nam es, and Descriptions of the purchases on the Credit Card Logs as well as the purpose (ie: business travel – where to – or business pertained to) The descriptions should appear on the monthly report listing transactions for the division or department. So, Cardholders should consider descriptions that are useful and are not repetitive of other information already on the Credit Card Logs. The Credit Card Logs 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-down 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 vendors. 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 Cardholders shall sign the Credit Card Logs, and then the cardholders ’ supervisor shall sign the Credit Card Logs. Approving supervisors shall be responsible for reviewing the entries on the Credit Card Logs, the supporting receipts and the monthly credit card statements. Their signatures certify the reviews have occurred, and that all expenses incurred by the Cardholders appear appropriate, and are necessary business expenses. Divisional officers or budget managers may wish to review and approve cardholders ’ Credit Card Logs. The c ardholders’ supervisors should ensure that review occurs before the Credit Card Logs are turned in to the Business Office by the established deadlines. If cardholders charge expenses to other divisions, the Cardholders are responsible for obtaining approvals, in advance, for incurring such expenses. The approvals can be in the form of approving e-mails attached to the monthly Credit Card Logs. Or, the divisional officers or budget managers whose division has been charged can sign the monthly Credit Card Logs. Cardholders should contact the campus Director for Accounting and Budgets or Staff Accountant, if they have questions about the Credit Card Logs. Step 4: Cardholders shall attach the itemized receipts and the appropriate monthly charge card statements to the Credit Card Logs.

8