Reconciling Transactions

Administrative Functions

• Transactions need to be reviewed by at least two individuals.
• It is the responsibility of each department to configure and coordinate those controls and procedures.
• Review, reconcile and approve transactions on a weekly basis to insure that all transactions are legitimate UW purchases. If the card or account number falls into the wrong hands, fraudulent transactions can be identified promptly by the weekly review procedure and reported immediately to PaymentNet (1-800-VISA 911) and then to the UW Procurement Card administrator (procard@u.washington.edu)
• Ideally, departments need secondary reconcilers to backup the primary reconciler.
• If the reconciler has a card, that individual needs to have their transactions reconciled by the secondary reconciler by a hardcopy signature procedure. Transactions can be exported into a spreadsheet from J.P. Morgan Chase and the reconciler can sign this document.
•Departments must follow pre-purchase approval models that are already present in your department for "purchase orders" or "petty cash".
• Maintain all supporting documentation in the department for 6 years after payment is made.