Reconciliation Deadlines
Timely reconciliation of transactions is a requirement for all University Corporate Purchasing Cardholders.
Credit Card transactions are loaded daily and should be reconciled monthly, after receiving the Credit Card Statement Notice.
The deadline to reconcile and approve transactions related to the current Billing Cycle (16th of the month) is the last business day of the month.
The Corporate Card Program Team reviews outstanding charges and sends notifications when charges become past-due. Should your card not be fully reconciled (submitted and approved) within two months of the Billing Cycle (16th of the month) a card suspension will be enabled. In the unlikely event that cardholders record three card suspensions for non-compliance, they will no longer be eligible for a Corporate Purchasing Card.
YEAR-END NOTICE:
CREDIT CARD TRANSACTIONS THAT ARE NOT RECONCILED AND APPROVED BY MARCH 31ST WILL BE PROCESSED IN THE NEXT FISCAL YEAR!
The following table outlines the communication related to unreconciled transactions:
| Timeline | Sample Date | Email Subject | Recipient | Details |
|---|---|---|---|---|
| 18th of the month | Jan 18 | Credit Card Statement Notice for current Billing Cycle (16th) | Cardholder | New transactions are available to be reconciled, submitted and approved before month-end. |
| 5th of the following month | Feb 5 | Reminder - Credit Card Transactions are past reconciliation deadline | Cardholder | Reminder to reconcile and submit outstanding transactions or follow-up on transactions that are pending approval. |
| 1st of the second month | March 1 | 2nd Notification - Overdue Credit Card Transactions |
Cardholder, Finance Partner, |
Overdue transactions must be reconciled and approved within ten business days, otherwise the card will be suspended. |
| 16th of the second month | March 16 | Credit Card Suspension Alert - Unreconciled Credit Card Transactions | Cardholder, Finance Partner, Faculty General Manager |
Card is suspended. All outstanding transactions must be reconciled and approved before the card can be reinstated. |
Suspended Card Reinstatement
The cardholder must ensure all outstanding transactions are compliant, reconciled and approved. After all transactions have been approved, the cardholder must contact the Staff Service Center to request reinstatement of the card.
The Corporate Card Program will verify that reconciliations are completed and reinstate the card at which time the existing card can be used again. Note that cardholders who have had three suspensions will no longer be eligible for reinstatement (excluding extenuating circumstances to be determined by the Card Program).