Get the free Purchasing Card Record - purchase umd

Purchasing Card Record Keeping & RetentionREVISED 0720151Overview Who is Responsible for What? Monthly Record Keeping Detailed Receipts Additional Required Documentation Purchasing Sensitive Equipment

How to fill out purchasing card record

How to fill out a purchasing card record:

1. Gather all necessary information: Before filling out the purchasing card record, make sure you have all the relevant information at hand. This includes details about the purchase such as the vendor's name, date of purchase, item description, quantity, unit price, and any applicable tax or shipping charges.
2. Start with the header: Begin by entering the header information at the top of the record form. This typically includes the cardholder's name, employee ID or number, department, and the period or date range for which the record is being filled out.
3. Fill in the transaction details: Moving down the form, enter the details of each transaction. Start with the date of the purchase, followed by the vendor's name and a brief description of the item(s) purchased. Include the quantity and unit price for each item, and calculate the total cost for that transaction.
4. Include any additional charges: If there were any additional charges such as tax or shipping fees, make sure to include them separately and calculate the total amount for the transaction accordingly.
5. Provide necessary approvals: Depending on your organization's policies, you might need to obtain approvals for certain purchases. This can include the signature of a supervisor or manager, indicating that the purchase is authorized and complies with company policies.
6. Double-check for accuracy: Before finalizing the purchasing card record, review all the entered information to ensure accuracy. Verify that the amounts are correct, the math adds up, and all required fields have been filled in.

Who needs a purchasing card record?

1. Cardholders: Purchasing card records are primarily needed by the cardholders themselves, as they are responsible for accurately documenting and tracking their purchases. It serves as a reference for their own records and also allows them to reconcile their expenses with the card issuer.
2. Accounting or finance teams: Purchasing card records are essential for accounting and finance departments within organizations. They use these records to track expenses, reconcile statements, and maintain accurate financial records. It helps them ensure proper allocation of costs and compliance with internal controls and external regulations.
3. Auditors or compliance officers: Auditors or compliance officers may require access to purchasing card records during internal or external audits to evaluate the organization's financial practices, verify compliance with policies and procedures, and assess the effectiveness of internal controls.

Overall, maintaining accurate and complete purchasing card records is crucial for both individual cardholders and the organization as a whole, as it enables effective expense management, financial control, and reporting.

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