Card program accounting cycles end on the 20th of the month, but may vary due to weekends and holidays. Best practice is to work the FIS approval stream and worklist on a regular basis to ensure all transactions meet the approval deadlines.
Auto-Approval of Transactions
Departments are given a grace period of approximately twelve days after the end of the accounting cycle to mark transactions as reviewed and approved. The grace period end date will always be the 6th business day of the following month at 6:00 p.m. Detailed sweep dates are provided on the sweep schedule. Transactions not approved by this time will automatically post to the Cardholder’s default FIS account. Departments will be required to journal the transactions to the appropriate account. Special instructions relating to fiscal year-end will be communicated in June.
Supporting documentation must be retained in the department and must follow the university’s record management policy. To facilitate periodic compliance audits, all supporting documentation must be kept in a neat, orderly, and easily accessible fashion. If applicable, the filing of procurement card receipts must not conflict with those required by Sponsored Projects. For departments that do not have sponsored funds, it is recommended to file receipts by FIS document ID number.
Every department with a procurement card program will be subject to compliance audits.
These audits may be performed by the program administrators, internal auditors, or external auditors. Audits will check for compliance with the procurement card policy and will include testing for:
- Receipts with FIS document ID number
- Transactions that were not approved in FIS
- Unallowable purchases and practices
- Travel expenses recorded on a travel expense statement
- Physical audit to verify the existence of non-consumable items, whether capitalizable (item $5,000 or more), or not (e.g. computers, cameras, etc).
- Other compliance issues as needed
Audits showing non-compliance with the Program Guide may result in the suspension of procurement cards or the cancellation of the department’s procurement card program.
University Compliance Hotline
Reports of suspected theft, embezzlement, or misuse of University assets may be reported on the University Compliance Hotline at (314) 362-4998. All calls to this hotline are anonymous, unless you choose to leave your name and number so you can be confidentially contacted if more information is needed. These matters will be investigated by the Office of University Compliance or Internal Audit.