What are the dates for online reconciliation and Transaction Allocation Reports?
Online reconciliation is due the last business day of every month for the prior cycle. Note that JP Morgan cycle ends on approximately the 20th of every month.
The online reconciliation process is critical to ensure proper account allocation to your cost center. Should you miss this deadline, you must complete a journal entry to correct and move the expenses to the proper account (https://challenger.irt.drexel.edu/FinanceToolbox/JournalEntry). Creation of such corrective journal entries creates a significant administrative burden for not only the Cardholder but also the P-Card office, General Accounting, and other administrative departments supporting these functions. The requirement for Cardholders to submit corrective journal entries is in addition to any consequences set forth in the P-Card Guidelines for non-compliance with the reconciliation process.
Transaction Allocation Reports are due to the P-Card office by the 2nd Friday of every month for the prior cycle. These reports should follow the requirement set forth in the P-Card Policy, including but not limited to Section D.7.
Specific calendar dates for reconciliation due dates and Transaction Allocation Report due dates are posted on the Procurement Services website.
Is there a minimum dollar threshold before submission of a Missing Receipt Form is required?
Under the P-Card Policy, there is a $25 threshold associated with missing receipts. If a receipt is lost, the Cardholder can reach out to the supplier for a copy of the receipt. If no copy is available and the transaction was over $25, a Missing Receipt Form will be required and must be attached to the Transaction Allocation Report.
How should I prepare to handle tax exemption status when traveling and what should I do if tax is accidentally charged on a purchase?
When planning business travel, review the states where Drexel has tax exemption status and print any exemption certificates that may be needed during your trip. A list of tax exempt states and exemption certificates is available through the DrexelOne "Employee" tab, under "Purchasing and Travel". For additional sales tax information, including a Sales Tax Reference Guide, which includes a matrix summarizing categories of goods and services and whether or not they are taxable in various states, please visit the Office of Tax Compliance website.
If sales tax is accidentally charged when traveling, it is the responsibility of the Cardholder to make every effort to have the charge credited. When reconciling, make sure the credit is allocated to the same cost center as the original transaction. The transaction ID number of the credit should be referenced in the Transaction Notes of the original transaction.
If the Cardholder is unable to have the charge credited, the Cardholder must document the detailed effort made in the Transaction Notes in the Reconciliation Portal.
Why am I required to have tax removed from all charges on my P-Card?
For purchases of $25 or less, documentation of the employee's efforts to have sales tax waived is not required. We understand employee frustration with having to deal with vendors that aren't familiar with sales tax exemptions. However, as a tax-exempt charitable organization, it's our responsibility to use university funds in a prudent manner, which includes obtaining and using sales tax exemptions whenever possible. Employees may access sales tax exemption forms via DrexelOne (under the Employee tab) and an employee can pull up and print the required form from their phone, hotel computer, etc. While sales tax amounts may be minor on an individual basis, in the aggregate, amounts saved can be substantial. More information about sales tax can be found on the Office of Tax Compliance website.