PURCHASING CARD RECONCILIATION
YEAR-END PROCESSING
Following are the procedures for year-end processing of Purchasing Card transactions. Please note that purchases with transaction dates of July 1 or later CANNOT be charged to the old year. Please be sure your cardholders give themselves plenty of time to make purchases before June 30th and be sure that the vendor knows to complete (settle) the transaction by that date (e.g. you could make a purchase on June 29th, but the vendor may not settle the transaction until July 1st - the transaction date would be July 1st and would be charged to the new year).
If you have any questions, please see your Financial Officer.
Procedures for Year-End Purchasing Card Processing
If the transaction date is June 30th or earlier, the transaction will be forced to post into the old fiscal year (with the exception of expenses which you specifically defer). If the transaction date is July 1st or later, the RPCC fiscal year will be forced to the new year. The reconciler will NOT be able to update the fiscal year on RPCC. In other words, if the transaction date is July 1st or later, we consider it to be a new year transaction and it CANNOT be posted to the old year.
As of (date to be determined each year - generally day before the last date of preliminary closing) - all old year transactions MUST be posted. RPCC will not accept old year transactions after 4pm on the last day of preliminary close. Although the function will be available on the last day, it is HIGHLY recommended that you plan on having all transactions posted by the day prior to preliminary close - just in case of unforeseen problems. RPCC will be available the day after preliminary close, but will only allow posting to the new year. Any RPCC transactions from June 30th or earlier which are not posted, will then have to be posted into the new year.
NOTE: ALL TRANSACTIONS MUST BE POSTED AND RECONCILED - not just those being posted to general funds and not just those that have autoposted. For financial reporting purposes, we must post all purchasing card transactions which have transaction dates of June 30th or earlier by the close of our fiscal year. We must account for these unreconciled charges in our financial statements. If the number of unreconciled transactions at year-end is considered to be significant, we may be forced to do post-closing adjustments which would charge unreconciled charges to the default account of the card. PLEASE BE SURE TO RECONCILE ALL CHARGES WITH TRANSACTIONS DATES OF JUNE 30th OR EARLIER.
All RPNR transactions autoposted on the first Wednesday in July (the last date the AUTOPOST routine will run for each year will be in the year-end deadlines) MUST be cleared by the last day of preliminary close at 4pm. All transactions autoposted through the first Wednesday in July will be posted to the old year. AUTOPOST will run again on the Wednesday night after preliminary closing with all postings in the new year.
Please contact your Financial Officer if you have any questions.