It is the cardholder’s responsibility to reconcile (monthly) their bank statements to their purchase documentation. The reconciliation is imperative to ensure your continued use of the ProCard. You will receive a cardholder statement listing all your purchases for each monthly cycle. The statement is for review and reconciliation purposes only. Please note that the monthly bank cycle closes on the 15th of each month. You will not receive a statement if you have not made any purchases during the monthly cycle.
The reconciliation documentation consists of:
- ProCard Purchase Log (xls) - REQUIRED to be completed for each bank statement. This is part of the monthly reconciliation (i.e. ProCard Purchase Log/bank statement/receipts).
- Bank card statement - If your statement contains charges that you feel are in error, please follow the steps in Disputing a Transaction.
- Receipts - If you misplace any support documentation, contact the vendor and request a copy. It is imperative that you obtain all proper support documentation.
- If your card has the Travel Option and you are reconciling business meals, include the itemized restaurant receipt, notation of the business purpose and list of attendees. Refer to Travel Expense Policy (FS-2-105), UMass Lowell.
Monthly Reconciliation Procedure
- Check the bank statement against your purchase documentation to ensure that all charges are proper and that the goods for which you were charged have been received.
- Prepare your monthly ProCard log: list all charges from the bank statement onto the log, fully document the business purpose of each charge, total the charges, and sign and date the log. The total of charges on the log must match the total on the statement.
- Attach your ProCard statement and related receipts to the ProCard log. You may also attach further documentation if needed to support the business use of ProCard charges. For security purposes please black out all but the last four digits of any reference to the card number on the bank statement.
Note: there must be a ProCard Log for each bank statement you receive.
- Submit your completed ProCard Monthly Reconciliation (ProCard log, bank statement and receipts) to your supervisor for review and signature. The Authorizing Signatory on your ProCard Application may delegate the approval authority as noted on the Application. You may submit copies of the statement and receipts in lieu of the originals along with the original log.
For ProCards linked to Research Grants or Overhead: You must submit the ProCard Monthly Reconciliation to your ORA Financial Administrator. All cardholders (regardless of whether they are the PI or not) must send the ProCard Monthly Reconciliation to the ORA Financial Administrator. They will return the signed Reconciliation to you. Supervisory signoff indicates review and approval on a departmental level and an awareness that all transactions fall within university policy.
- You must ensure you receive back the signed copy and maintain the completed and signed ProCard Monthly Reconciliation on file: the original ProCard Log (including supervisory signature), with attached bank statement and receipts.
Failure to maintain proper documentation and/or failure to reconcile your account will result in penalties, which may include suspension or the cancellation of your ProCard.