SSUPurchasing

PCard: Reviewing and reconciling your monthly statement

Reconciling your monthly PCard statement is easy. Just follow the steps, listed below.

Cardholders are encouraged to review their transactions throughout the month, as soon as they are posted to PaymentNet (Steps 1 through 10, below).

On the 21st day of each month, or the day after the billing cycle ends, cardholders’ electronic statements are available online at www.paymentnet.com. See Step 12, below, for accessing your cardholder statement and reconciling it with your PCard transactions.

Step-by-Step Instructions for Reviewing Transactions and Reconciling Statements

1. Go to http://www.paymentnet.com and log on. Refer to your PaymentNet placemat for logon hints (i.e., organization ID, user name, and password).

2. Click on PaymentNet in the wide blue column on the left.

3. If you made a transaction and it posted by the 20th day of the month, it will appear on the next screen. If there are no transactions showing, you did not use your PCard prior to the posting date, and you may stop here. If transactions are showing, please continue.

4. If you haven’t already done so, click on each purchase you made, one at a time. Doing so will take you to the Transaction Detail Record for each transaction.

5. On the Transaction Detail Record screen, compare the details to your itemized receipt (like we talked about in training). Is the dollar amount correct? Were you charged tax? If the amount is incorrect or you were charged tax, you need to speak with the vendor about issuing a credit. In the meantime, continue reviewing this transaction. It will be paid this month, regardless; a credit should show up in your account next month.

6. In the large gray box to the right, on the Transaction Detail Record screen, make sure the Fund, Function, Project, and Object codes are correct. If they’re not, click on their respective drop-down menus and select the correct account number.

7. Add your comments in the Transaction Notes box. What did you buy and why did you buy it? Be specific. Remember, travel purchases (all transactions charged to object code 6210) require explanations that include Who, What, Where, When, Why, and the T-number (assigned by Accounts Payable when the Official Authorization for Overnight Travel is approved).

8. When you have finished reviewing the transaction, click the Reviewed box on the top left-hand side of the Transaction Detail screen.

9. Click the light blue Save box on the top left-hand side of the Transaction Detail Page.

10. Repeat until all of your transactions are reviewed and there’s a green check-mark in all Reviewed boxes.

11. Click the word home in the upper right-hand corner of the Transaction List screen. If the current billing cycle has ended and you wish to access your electronic statement, continue with Step 12. Otherwise, you may log off, now.

12. On the 21st day of the month, or the day after the billing cycle ends, click Electronic Statement & Payment in the blue column on the left.

13. The Statement screen should automatically be populated with your billing information for the month. If the screen is not filled in, enter your PCard account number in the top left-hand box, where indicated, and click the green arrow.

14. The light blue buttons at the top of the page allow the cardholder to print the statement with detail or without detail. It is recommended that cardholders Print With Detail.

15. Clicking Print With Detail will trigger a message box that indicates the statement is available in PDF format. Click OK.

16. After clicking OK, you will notice a green arrow at the top right-hand side of the screen beside the following message: Download Statement in PDF Format. Click the green arrow.

17. Clicking the green arrow will cause a PDF of your electronic statement to open. Print a copy of that statement for your records.

18. Attach your printed statement to the front of your PCard documentation (detailed receipts, packing slips, etc.). Note: It is recommended that you organize your documentation in the same order as your transactions are listed on your statement.

19. Compare each transaction listed on your statement against the documentation for that transaction. Does your statement agree with what’s listed on the itemized receipt? If so, continue. If not, resolve any outstanding issues before proceeding.

20. Click on Approval of Expenses Statement in PDF format. Print a copy of the form.

21. Complete and sign the Approval of Expenses Statement and attach it to the front of your statement/documentation packet. Your packet will now include the following items in the following order: 1) Signed Approval of Expenses Statement, 2) a copy of your detailed electronic statement, 3) your itemized receipts (and other documentation) in the same order as listed on your monthly statement.

22. Give the entire packet to your supervisor for approval and filing.

Congratulations! You have successfully reviewed your transactions and reconciled your monthly statement.