GAP 200.029, Corporate Cards - Untimely Posting of Transactions

I.    Overview

II.   Untimely Posting General Ledger Accounts

III.  Untimely Posting Schedule

IV.  Communication of Outstanding and Untimely Corporate Card Transactions   

V.   Impacts of Untimely Postings for Cardholders

 

I. Overview

Including corporate card transactions in expense reports, reviewing reports, and timely posting of reports to the ledger, are critical in ensuring the accuracy and integrity of Duke’s general ledger. Expense reports should have a clearly defined Duke business purpose, include receipts that support each expense, and be submitted into workflow for appropriate approvals.

If corporate card transactions are not included in expense reports or expense reports that include corporate card transactions are not routed for approval in a timely manner, those corporate card transactions will post to the general ledger using specifically designed general ledger accounts, indicating the posting was not “timely.” This process ensures that expenses are reflected in the general ledger and highlights those specific cardholders and transactions that were not appropriately handled. The Duke University Corporate Card Policy for Untimely Postings and The Duke University Health System Corporate Card Policy for Untimely Postings are the University and Health System policies for this process. The policies outline impacts to cardholders and expenses delegates with transactions included in the untimely posting. Business units and corporate cardholders should use The Corporate Card Policy for Untimely Posting Addendum with both policies.

 

II. Untimely Posting General Ledger Accounts

Duke designates two specific general ledger accounts for corporate card transactions included in the untimely posting.

• 695685 –  Assigned Corporate Card Expenses without Approval
  • This category includes corporate card transactions in an expense report with incomplete approvals. These transactions post to the funding sources recorded in the individual expense reports. If the funding sources are restricted grant codes, expenses post to the cardholder’s default travel cost center.
• 695695 – Unassigned Corporate Card Transactions with No Action
  • Corporate card transactions included in this category are those transactions that had no action taken before the published untimely posting schedule. These transactions post to the cardholder’s default travel cost center.

 

III. Untimely Posting Sschedule

Duke charges all outstanding corporate card transactions with a Settlement Date (Bank of America posting date) prior to the designated dates on the schedule to untimely posting general ledger accounts as appropriate. Use the untimely posting schedule to determine the specific transactions included.  

 

IV. Communication of Outstanding and Untimely Corporate Card Transactions

Each Monday, assigned and unassigned transaction reports are sent to departmental/business unit TRaC reps and Business Managers to communicate all outstanding corporate card transactions. On the first Monday after fiscal month close, management centers also receive these reports.

Wednesday, assigned and unassigned transaction reports are sent to departmental/business unit TRaC reps and Business managers, which include only transactions for the upcoming untimely posting. The report's purpose is to bring heightened awareness to those corporate card transactions that may be subject to untimely postings. On the first Wednesday after the fiscal month close, management centers also receive these reports.

Each Wednesday, corporate cardholders receive notifications with unassigned transactions and unsubmitted expense reports requiring attention.

 

V. Impacts of Untimely Postings for Cardholders  

Corporate cardholders are ultimately responsible for ensuring that corporate card expenses incurred on behalf of Duke post to the ledger in a timely manner and include the following:

• A clearly defined Duke business purpose;
• A receipt to substantiate each expense;
• Appropriate approvals;

The Duke University Corporate Card Policy for Untimely Postings and The Duke University Health System Corporate Card Policy for Untimely Postings define the actions that will be taken for cardholders and/or their expense delegates when assigned and unassigned transactions post to the general ledger as untimely.

To supplement these policies, corporate cardholders and business units should use The Corporate Card Policy for Untimely Postings Addendum.