Get the free Procurement Card Monthly Reconciliation and Approval Form (RAF) - iit

Este formulario se utiliza para la reconciliación mensual de la tarjeta de compras, permitiendo documentar los cargos y la aprobación de los mismos por parte del titular de la tarjeta y un aprobador.

How to fill out procurement card monthly reconciliation

How to fill out Procurement Card Monthly Reconciliation and Approval Form (RAF)

1. Gather all procurement card receipts and invoices for the month.
2. Log into the procurement card system and navigate to the Monthly Reconciliation section.
3. Start a new reconciliation for the month you are reporting.
4. Input each transaction’s date, amount, vendor, and purpose based on the receipts.
5. Match each transaction with the corresponding receipt to ensure accuracy.
6. Review the summarized total expenses and compare it with your card statement.
7. Add notes or comments for any discrepancies found during the reconciliation.
8. Once all entries are accurate, submit the form for approval.
9. Ensure you retain a copy of the completed form and receipts for your records.

Who needs Procurement Card Monthly Reconciliation and Approval Form (RAF)?

1. Personnel who use procurement cards for business-related purchases.
2. Finance team members responsible for budget tracking and financial reporting.
3. Supervisors or managers who need to approve reconciliations before submitting.

People Also Ask about

What is payable reconciliation?

Accounts payable reconciliation is one of the most important parts of keeping accurate financial records for your business. Put simply, reconciling accounts payable is making sure the amount owed to vendors and suppliers matches the accounts payable balance in your accounting ledger. But it's not always so simple.

What is a card reconciliation?

Credit card reconciliation is the process by which the information in a credit card statement is confirmed to be correct and accurate. Reconciliation is broadly defined as the process of comparing two different references to the same financial transactions.

What are p-cards in accounting?

Sometimes referred to as procurement cards, procards or p-cards, purchasing cards are a type of corporate credit card designed to make the purchasing process easier for companies. These cards can help reduce inefficiencies in traditional purchase processes.

What is a p-card reconciliation?

What is it? The Pcard (also called a procurement card) reconciliation process occurs when a cardholder's procurement card transactions are accounted for to ensure their records match the bank's records and are balanced at the end of the recording period.

What is p-card reconciliation?

Procurement Card or P-Cards Explained Purchasing cards allow employees to quickly and efficiently buy what they need, and automatically record all transactions. Procurement cards can be connected to a credit facility, or a bank account to work similar to a debit card.

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What is Procurement Card Monthly Reconciliation and Approval Form (RAF)?

The Procurement Card Monthly Reconciliation and Approval Form (RAF) is a document used to reconcile and approve expenses incurred on a procurement card for a specific month, ensuring proper tracking and verification of purchases.

Who is required to file Procurement Card Monthly Reconciliation and Approval Form (RAF)?

Employees who have been issued a procurement card and have made purchases during the month are required to file the Procurement Card Monthly Reconciliation and Approval Form (RAF).

How to fill out Procurement Card Monthly Reconciliation and Approval Form (RAF)?

To fill out the Procurement Card Monthly Reconciliation and Approval Form (RAF), cardholders must enter the details of each transaction made during the month, including the date, vendor, amount, and business purpose, and then sign for approval.

What is the purpose of Procurement Card Monthly Reconciliation and Approval Form (RAF)?

The purpose of the Procurement Card Monthly Reconciliation and Approval Form (RAF) is to track and verify procurement card usage, ensuring compliance with organizational policies and facilitating budget management.

What information must be reported on Procurement Card Monthly Reconciliation and Approval Form (RAF)?

The information that must be reported on the Procurement Card Monthly Reconciliation and Approval Form (RAF) includes transaction dates, vendors, amounts, business purposes for each purchase, and total expenses for the month.