New Process for Outstanding Corporate Card Transactions
As a follow up to previous updates, including the Business Manager Overview sessions, Employee Travel and Reimbursement has implemented two new general ledger (G/L) accounts to support clearing outstanding transactions. This new process replaces the traditional write off and ensures a method for handling untimely postings. The new accounts and their corresponding descriptions are included below.
- 695685 - Unapproved Corporate Card Transactions; Assigned corporate card expenses without complete approval.
- 695695 - Unassigned Corporate Card Transactions; Unassigned corporate card expenses with no action taken.
In our efforts to ensure outstanding transactions are posted, we will begin this new procedure in November for all transactions from the period of March 1, 2014 through June 30, 2014.
- Unassigned transactions will be posted to the default travel cost object, if one exists and it is not a grant code. If one does not exist or the default is a grant code, the default cost center on the position is used.
- Assigned transactions will be posted to the funding sources recorded in the individual expense reports. In the event the funding sources are grant codes, the default cost center will be used.
Please note that these g/l accounts cannot be reversed by departments. It is structured to support effective reporting and monitoring for these types of transactions.
Those of you who had outstanding transactions for the period of March 1, 2014 – June 30, 2014 have received emails previously requesting your assistance with clearing all remaining unassigned and assigned transactions by the October fiscal month close. A final spreadsheet with the outstanding transactions will be sent to you on Wednesday, November 19. Business Managers who do not have outstanding transactions for the period of March 1, 2014 – June 30, 2014 will not receive a notification on November 19.
As a reminder, several resources are available to support this process.
- The Workflow Status Reports are available to review the status of the outstanding transactions.
- Each initiator and TRaC representative receives a weekly email with all outstanding transactions.
- Monthly reports with the outstanding transactions are distributed to business managers and management centers.
Please take this opportunity to remind your card holders that transactions should be cleared on a monthly basis. We will be releasing a revised General Accounting Procedure highlighting these changes in the upcoming weeks.
If you have specific questions, please feel free to contact OnlineTravel@duke.edu