Purchasing Card PCard Overview

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Purchasing Card (P-Card) Overview

• May 5, 2009
• Karen Chrobak Yvonne Harris
• Admin Asst Affinity Group Meeting

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P-Card Administrative Team

• Karen Chrobak, P-Card Administrator
• Ext. 5141 or kchrobak_at_wpi.edu
• Yvonne Harris, in Karens absence
• Ext. 5755 or ydharris_at_wpi.edu

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WPIP-Card
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Todays Agenda

• What is a P-Card?
• How does it work?
• Bundling transactions to expense folder
• Audits
• Presentation available on Accounting website

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What is a WPI P-Card?

• Bank of America VISA Credit Card
• Used For Business Purchases
• Started at WPI in early 2007
• Owned and Controlled by WPI
• No personal Credit Exposure
• Records are Subject to Audit
• Internal, External, State and Federal Authorities

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Purpose of WPI P-Card

• Saves Time and Money
• Eliminates Check Requests
• Vendor is Paid Immediately
• Purchases are Quicker and Easier
• Employee Reimbursement is Eliminated

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How Does It Work?

• Goods are Purchased with P-card
• Vendor is paid by VISA
• Cardholder Receives Email
• Electronic Approval Process in WORKS
• Banner is Updated Electronically
• WPI Pays VISA one bill for all of WPI per month
• WPI Audits Receipts

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P-Card Package

• Original Receipts
• Transaction Log (Optional)
• Available on-line wpi.edu/acc
• Credit Card Statement
• Signed by Cardholder
• File package by month retain in department (for
  audit)

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Obtaining a P-Card

• A Temporary Hold Has Been Placed on New P-Cards
• Audits of Current P-Cards must be completed
• The P-Card administrator will email a Request for
  P-Card to the interested Department Heads when
  new cards are available

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Tax Exemption

• WPI is Exempt from paying 5 MA state sales tax
  on the purchase of supplies and materials
• Not exempt from meals hotel tax
• WPI Tax Exempt Number is on P-card
• ST-5 Sales Tax Exemption Form available on
  Accounting Web Page

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ST-5 Mass Sales Tax Exemption
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Monthly/Single Limits

• Monthly/Single Transaction Limit
• Most Common is 5,000 Monthly/2,500Single
• Determined by Department Head
• Reset _at_ month end assuming transactions have been
  signed off weekly
• May be temporarily increased

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Default FOAPAL (Optional)

• Should I use a default FOAPAL?
• YES
• If most of your transactions are charged to the
  same Fund and Org
• NO
• If you use several FOAPALs
• Request a default FOAPAL through Karen

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WORKS Approval System

• B.O.A. Software is called WORKS
• 3 Levels of approval
• 1. Cardholder (CH)
• 2. Manager
• 3. Accounting

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Proxy Reconciler

• A Cardholder can designate someone to review and
  approve transactions in their place
• Both will receive e-mails
• Whomever approves first wins!!

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WORKS for Cardholders

• CARDHOLDER (CH)
• Review Approve Transaction
• Verify the validity of charge
• Amount (no tax)
• FOAPAL (use allocation tab)
• Enter description will feed to Banner

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WORKS for Managers

• After CH approval
• Transaction is automatically routed to Manager
• Reviews transaction, description FOAPAL
• Sign Off

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WORKS for Accounting

• After Manager approval
• Transaction is automatically routed to
  Accounting
• Reviews transaction, FOAPAL, description
• Sign Off
• Feeds to Banner

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Logging Into WORKS

• https//payment2.works.com/wpm/bookmark
• Save as a bookmark
• You will receive an e-mail message from WORKS to
  approve a charge
• Please review approve
• WITHIN ONE WEEK

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E-Mail from WORKS
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Customize Your View
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Move/Remove Columns to Customize
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Limits/Available Fund
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Review Approve Transactions
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Split View

• Insert screen shot

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Table View
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To Enter the FOAPAL
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Enter Description on Allocation tab
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Change FOAPAL or Use Multiple
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Two FOAPALs are Charged
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Sign Off

• After Signing Off a Message Will Appear

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Watch for Sign off Message
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Sign Off on Many Transactions Quickly
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Frequently Asked Questions
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What is my Username/Password?
Username first initial of first name followed
by last name (lower case) middle initial if
less than 6 characters Example kchrobak
If you forget your password
Simply Click on the link Forgot your password
at the login and works will email you
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What If?

• I accidentally used my p-card for personal use?

• - Change the FOAPAL in works to fund 11001, no
  org, account 1410 and note, for personal use
• - Reimburse WPI for the same amount on a cash
  receipts form, reference the p-card transaction
  and use this same fund/account number
• - File a copy of the C/R form with your p-card
  records

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Monthly Limit Increase?

• What if you are approaching your monthly limit
  and you need to make additional purchases?
• ( i.e. you have just been asked to book a trip)

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Request a Temporary Increase

• Department Head must e-mail Karen or Yvonne to
  request a temporary increase
• The reason for the increase should be noted
• If a single transaction limit is necessary this
  should also be noted

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Flagged Transaction

• What is a Flagged Transaction?
• A transaction that is sent back to the cardholder
  for more information
• What steps need to be taken?
• Access the flagged transaction
• Remove the flag
• Give additional information
• Sign off on the transaction

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Flagged Transaction Steps to Take
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Standard Report

• A Report of Transactions
• By Card
• By Date
• Very Easy to Run
• Other Reports Available Upon Request

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Report of Transactions
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To Download the Report

• Hold down the Ctrl button on your keyboard while
  you select the PDF yellow tab at the bottom right
• Release the Ctrl button when you see the File
  Download Screen
• Choose the option Open

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Choose Open
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Sample Report of Transactions
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Record Retention

• Keep the P-Card receipts, statement and
  transaction log
• In the department for 2 years
• In Accounting storage for 5 years
• Accounting will collect docs every Fall

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Bundling Transactions (for trip expenses)

• Purpose
• To group charges by purpose/trip
• Accumulates TOTAL trip expense (p-card and out
  of pocket) on one expense report
• Supervisor reviews total trip cost

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Bundling Transactions

• Step 1 Create a folder
• Step 2 Bundle expense to folder
• Step 3 Close print

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Bundling Transactions

• Step 1
• Create a folder in Works
• Name the folder with trip details
• Destination/date/purpose
• -Ex Costa Rica MQP Advising, March
  2009
• Move transactions to appropriate folder

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Step 1Create a Folder in Works
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Name the folder
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Bundling Transactions

• Step 2
• Bundle (move) expense to folder
• Select the folder
• Update expense description/allocation
• Sign off (approve) transaction

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Step 2Bundle Expense to Folder
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Select the Folder
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Update Description of Expense
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Sign Off (Approve) Expense
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Bundling Transactions

• Step 3
• Close print bundle
• Close the folder
• Print the folder (first page only)
• Attach to expense report
• Shows both p-Card and out of pocket expenses

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Step 3 Close the Folder
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Close the Folder
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Print the Folder
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Print the Folder
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Attach to Expense Report
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P-Card Audits

• Primary objective document University controls
• Valid business expense
• Proper documentation
• Approvals
• Second objective monitor effectiveness of the
  program (your feedback)
• To occur at least twice a year

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Audits

• Proper documentation
• Receipts must be attached to monthly statement
• Meals detailed meal receipt including of
  guests food purchased
• Airline tickets receipt or e-ticket summary
• Hotel original hotel receipt/portfolio
• Approvals same level as Check Request
• Supervisor can s/o in Works or on BoA statement