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How to fill out purchasing card end-of-cycle checklist

How to fill out a purchasing card end-of-cycle checklist:

1. Start by reviewing all transactions made using the purchasing card during the cycle. Ensure that each transaction is properly documented and authorized.
2. Verify that all receipts and invoices are attached to the corresponding transaction. This will help in reconciling the expenses and maintaining accurate records.
3. Match the transactions with the relevant accounting codes or cost centers to ensure proper allocation of expenses. Make any necessary adjustments if there are discrepancies.
4. Check for any unauthorized or suspicious transactions that may have occurred during the cycle. Investigate and report any potential fraudulent activities immediately.
5. Double-check that all necessary approvals and signatures are obtained for each transaction. This is important for ensuring compliance with internal control procedures.
6. Reconcile the purchasing card statement with the transaction log or system records. Verify that all transactions are accurately reflected on the statement.
7. Conduct a thorough review of any outstanding or unresolved issues from the previous cycles. Take appropriate actions to address them before closing the current cycle.
8. Summarize the key findings and observations from the checklist. Prepare a comprehensive report if required, highlighting any concerns or areas for improvement.
9. Finally, obtain the necessary sign-offs and approvals for the completed checklist before submitting it to the relevant department or supervisor.

Who needs a purchasing card end-of-cycle checklist:

1. Organizations that use purchasing cards as a means of payment for various expenses.
2. Accounts payable or finance departments responsible for managing and reconciling purchasing card transactions.
3. Compliance officers or internal audit teams interested in ensuring proper controls and procedures are in place regarding purchasing card usage.
4. Supervisors or managers who oversee employees using purchasing cards and need to ensure proper documentation and accountability.
5. Financial controllers or CFOs who require accurate and reliable financial records for reporting and decision-making purposes.

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What is purchasing card end-of-cycle checklist?

The purchasing card end-of-cycle checklist is a document that outlines the steps and requirements for reviewing and reconciling purchasing card transactions at the end of a billing cycle.

Who is required to file purchasing card end-of-cycle checklist?

All cardholders who have made purchases using a purchasing card are required to file the end-of-cycle checklist.

How to fill out purchasing card end-of-cycle checklist?

To fill out the purchasing card end-of-cycle checklist, cardholders need to review all transactions, reconcile them with receipts, and submit the completed checklist to the designated department.

What is the purpose of purchasing card end-of-cycle checklist?

The purpose of the purchasing card end-of-cycle checklist is to ensure that all transactions made with the purchasing card are valid, authorized, and properly accounted for.

What information must be reported on purchasing card end-of-cycle checklist?

The purchasing card end-of-cycle checklist must include details of all transactions made during the billing cycle, including vendor names, dates of purchase, and amounts.