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Document
Short Term Credit Facility Q2517
Year Created: 2025
DOCUMENT
PROCEDURE - Procurement Card 2007
- YEAR CREATED: 2007
- ENTITY TYPE: County
- TYPE OF DOCUMENT: POL - Policies/Procedures
- Finance
The document is a procedural memorandum outlining the guidelines and requirements for the use of the County Procurement Card. It provides information on various aspects of the procurement card program, including the use of receipts, documentation requirements, reconciliation processes, dispute procedures, handling of lost or stolen cards, fraud prevention measures, and the importance of adequate separation of duties.
The document emphasizes the need for a proper division of responsibilities between employees to ensure an adequate separation of duties. Specifically, it suggests dividing the card custodian role, responsible for managing and safeguarding the procurement cards, from the accounting and reconciliation duties. This separation helps to prevent potential conflicts of interest and reduces the risk of fraud or misuse.
In addition to the separation of duties, the document covers other important aspects of the procurement card program. It highlights the requirement to retain original, itemized vendor receipts for each transaction and provides alternatives for cases when the original receipt is unavailable. The agency is also required to retain program documentation for a minimum of three years and utilize card management software provided by the bank for reporting purposes.
The document outlines the reconciliation process, which involves comparing bank records with the purchase log and receipts, as well as reconciling card charges with the agency's financial system. It emphasizes the need for the reconciler to sign and date the reconciled document to establish that the reconciliation was performed and an adequate separation of duties exists.
Furthermore, the document provides guidance on problem resolution, dispute procedures, reporting lost or stolen cards, reissuing lost or stolen cards, canceling cards, and making card changes. It emphasizes the agency's responsibility to actively protect procurement cards from fraud and misuse by implementing measures such as limiting card access, protecting card information, establishing reasonable card limits, and performing regular reviews of card activity.
Overall, the document serves as a comprehensive guide for agencies participating in the County Procurement Card program, providing detailed instructions on various aspects of card usage, reconciliation, fraud prevention, and the importance of maintaining an adequate separation of duties.