Procurement card holders not abiding by University policies
will have their card privileges suspended.
Shipping and receiving
Billing address
Approval of payment vouchers
Billing cycle close date
Record-keeping
Auditing
Shipping and Receiving
It is the cardholder's responsibility to ensure receipt of goods and services
and to follow up with vendors to resolve any delivery problems, discrepancies,
or damaged goods. In order to maintain internal controls, an employee
other than the cardholder (but in the same department) is responsible
for verifying the receipt of the goods or services purchased. Receipt of goods and services must be documented—some examples of acceptable documentation are noting the date on the associated receipt or retaining the packing slip. No shipments,
including subscriptions, should be made to personal residences.
Billing Address
Orders are usually delivered to the cardholder's university department.
The vendor may ask for the billing address, which is always:
Purchasing Office
Inner Campus Drive, Main Building, Room 132
Austin, TX 78712
Approval of Payment Vouchers
VP7 payment vouchers are created at the end of each 30-day cycle, charging
the account specified on the cardholder application for each transaction.
VP7(s) will be electronically routed for approval to the individual(s)
designated by your office manager. The cardholder must have submitted
to the approver all receipts and supporting paperwork related to his procurement
card transactions, and the transaction log for the procurement card should
also be made available for reconciliation with the VP7 document.
The designated departmental personnel must verify the charges and approve
the VP7s by the final approval date shown on the VP7 creation e-mail. Failure to timely review and approve VP7s
will result in actions by the Procurement Card Program as follows:
- First failure to timely approve VP7s: warning letter
- Second failure to timely approve VP7s: 30-day suspension
of card privileges
- Third failure to timely approve VP7s: loss of card privileges
Billing cycle close date
The closing date for the billing cycle is always on the 5th of
the next month.
Record-keeping
The cardholder must retain documentation for all purchases. Receipts must
be matched to the VP7 during the reconciliation process in order to approve
the VP7 document. The cardholder has three days from the date of purchase
to submit a transaction receipt to his Approving Official. If the procurement
card is used by more than one person, a transaction
log must be maintained by the approving official.
- For phone orders, ask the vendor to include a sales receipt in the
package.
- For Internet orders, print the online order confirmation or print
a copy of the confirmation email received from the vendor.
Auditing
For audit purposes, all procurement card documentation must be
retained for eight years by the department. The Office of Internal Audits
will audit all departmental procurement card procedures and cardholders
at intermittent times. Records will also be reviewed monthly by the Office
of Accounting, the Purchasing Office, and the Office of Internal Audits
via electronic reports from the Bank.
This is
page 7 of 7 in preparation for the Procurement Card Certification Exam.
The next page instructs you on taking the Exam and
completing the Application.
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