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RECONCILING THE MASTERCARD STATEMENT

Each Cardholder is responsible for retaining documentation of purchases and returns. With the aid of your purchasing log, cardholders compare charge documentation to the month's MASTERCARD charge card statement.

The following guidelines are to be used for monthly reconciliations:

  1. Each cardholder will receive a monthly charge card statement. Contact the Materiel Management Office if your statement is not received by the16th of the month.
     
  2. All documentation pertaining to the purchases and returns must be matched with the charge card statement.
     
  3. If a purchase does not appear on the MASTERCARD statement, make a note on the log, (i.e., NOS - Not On Statement.)
     
  4. If an incorrect charge appears on the MASTERCARD Statement, treat it like any other purchase for reconciliation purposes since all charges appearing on the MASTERCARD statement must be paid. See Returns, Credits, and Disputed Items, for procedures on how to handle incorrect charges.
     
  5. TOTAL all charges on the bill by local code and object code. Break down all charges by local code and object code  until the charge total of the “Total Amount” column on the Statement Cover Sheet matches the “NEW Charges” total on  the MASTERCARD statement. Click here to download a Adobe Acrobat file containing the MASTERCARD Purchasing Card  Statement Cover Sheet.
     
  6. After the Statement Cover Sheet has been completed by the cardholder, the cardholder signs the form as the Cardholder and has the sheet approved by the Approving Supervisor or  Department head. The Cardholder cannot sign for approval.
     
  7. Please complete the checklist and include with your packet to Accounts Payable.
     Click on the sentence above to access the checklist.
     
  8. Make copies of the completed MASTERCARD Payment records, including log and any packing slips, etc., for your file.
     
  9. Send the original MASTERCARD package to Accounts Payable by  the 7th of the month following the statement date via campus mail.  Do NOT send electronically via email or web as the forms may contain personal information.
     
  10. File a copy of the package in your department file in the event that an audit occurs.

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Materiel Management
Bristow Building
201 High St.
Farmville, VA 23909
tel: 434-395-2093
fax: 434-395-2246    trs:711