Reconciliation

If you have been issued a Fleming Credit Card, your responsibilities include ensuring that monthly reconciliations are completed by the due date. All transactions must be reviewed and settled monthly as per the ”Reconciliation Dates for Visa Reporting” posted on the Purchasing Website. The Organization Short Name used on the Access Online Website is SSFC (not case sensitive).

It is the cardholder’s responsibility to ensure their card is reconciled each month by the posted dates either by themselves or designated individual who the cardholder may give authority to.  Failure to reconcile on a monthly basis may result in the card being cancelled. The Account Activity Report and the original copies of receipts must be attached and sent to Accounting. These reports and receipts will be kept for a minimum of 7 years.

Instructions on how to reconcile your account  VISA Reporting Instructions

Reviewing

Credit Card transactions are posted to the US Bank settlement system usually within 1 to 3 business days.

Cardholders or designated reviewers will log on to the proper website . Each card must have an assigned reviewer. The reviewer is the individual responsible for regularly verifying transactions on the settlement system, changing default coding, adjusting HST where applicable (HST showing on screen must match the HST showing on the required documentation), adding comments, and maintaining supporting documentation. The receipt/invoice must match the charge shown on the US Bank website identically.  An acceptable receipt needs to show the following:  Company Name, Date, Items purchased, Cost of items purchased and all applicable taxes, shipping charges etc. 

If it is a foreign transaction, the invoice/ receipt would need to match the amount shown in the “Source Currency Amount” on the “Summary” tab screen on the US Bank website.  If an invoice from a foreign supplier shows the supplier has charged Canadian taxes, (it will usually be charged in the currency of the supplier) the reconciler must convert the taxes shown into Canadian dollars. Please click on Account Information, then Cardholder Account Statement, access the appropriate month’s statement and scan down until you locate the transaction, you will be able to see what rate was used to convert the US amount to Canadian.  Take the amount of tax shown on your invoice and multiply it by the rate that was used and input the converted amount in the National tax box on the “Tax and Allocation” tab on the US Bank website.

When reconciling, the Department and Account are mandatory. If you are using an account that does not have a Department, than fill the department with 000000. Purchasing has the ability to change default GL account codes should the need arise.

Once the transaction is loaded onto the settlement system, authorized users will need to reconcile each and every transaction by the reconciliation dates on US Bank website to make any of the necessary changes which were noted above.  When all transactions for a given cycle date have been reviewed, a “Cardholder Activity Statement” must be printed, signed by the cardholder and supervisor within the allotted reconciliation timeframe.

Please note that a “Cardholder Activity Statement” needs to be printed and signed by both the cardholder and the supervisor every month that purchases have been made.

All original corresponding receipts for the current month are to be attached to the “Cardholder Activity Statement” and submitted to Accounting.

If you have a dispute with an item or amount charge to your card by a supplier, it is the cardholder’s responsibility to contact the supplier and resolve the dispute. If you believe an item is fraudulent, contact US Bank immediately (phone number is on the back of your card). You only have 60 days to report a fraud item, so report these items immediately.

Documentation

Whether a purchase is made in person, via telephone, over the internet, by fax, or by email, the cardholder must obtain a sales receipt or a Credit Card sales slip from the merchant. An acceptable receipt must show the following:  Date, Supplier name, Description of items purchase, cost of items purchase and all applicable taxes and shipping charges.  The amount of the invoice must match the charge to the card exactly.  If it does not match exactly the cardholder must go back to the supplier and request a new invoice/receipt.  Purchases made on your card are charged to a pre-established default general ledger account code.  When purchasing item(s) over the internet, print the order and confirmation showing items purchase, date, cost, etc., for confirmation and auditing purposes as this may be the only receipt issued.

Missing Receipts

While all efforts should be made to acquire and retain original receipts, in the event that documentation for a purchase is missing or receipts are lost or misplaced, the cardholder may contact the supplier and try to obtain a duplicate receipt/invoice.

Managerial Oversight

Once a Credit Card has been reconciled, it is necessary for documentary and audit purposes for your manager to sign off on the printed Cardholder Activity Report in order to ensure managerial oversight.