IC Purchasing and Travel Card Transaction Updates from Financial Services

08/04/10

Financial Services would like to remind employees of the responsibilities involved with credit card transactions. In order to be in compliance with IRS regulations and for auditing purposes, credit card transactions must be updated in a timely manner according to the Ithaca College Purchasing Card Policy and the Ithaca College Travel Card Policy. Individuals involved with credit card transactions include:

• Cardholders of an IC Purchasing or Travel credit card,
• Individuals assigned the responsibility for updating credit card transactions in Parnassus (departmental coordinator), and
• Supervisors of credit cardholders and departmental coordinators

Links to the detailed policies for both the purchasing and travel cards can be found below. The following also outlines specific timeframes established for updating credit card transactions as well as individual responsibilities. 

Purchasing Card Policy (www.ithaca.edu/financial_services/ap/procard/)

• Cardholders must submit original receipts with required information within five (5) business days of purchase; review and submit monthly statement within five (5) business days of receipt of statement
• Departmental Coordinators review and update online transactions in Parnassus using the receipts submitted by cardholders within ten (10) business days of receiving the open batch e-mail notification
• Cardholder’s supervisor approves and signs individual monthly statement with receipts attached from Departmental Coordinator then returns to Departmental Coordinator to keep for six (6) years

Contact Ann Martin (mmartin@ithaca.edu) at 274-3808 in Accounts Payable with questions regarding Purchasing Card transactions.

Travel Card Policy has recently been updated so be sure to review and know the changes. (www.ithaca.edu/financial_services/travel/)

• Cardholders must submit original receipts with required information / documentation to Departmental Coordinator within five (5) business days of purchase for advance purchases and within ten (10) business days after returning from travel for expenses incurred while traveling; review and submit monthly statement within five (5) business days of receipt of statement
• Departmental Coordinators review and update online transactions in Parnassus using the receipts submitted by cardholders within five (5) business days of email notification for advance purchases and within fifteen (15) business days after traveler returns for purchases incurred while traveling 
• Cardholder’s supervisor approves and signs individual monthly statement with receipts attached from Departmental Coordinator then returns to Departmental Coordinator to keep for six (6) years

Contact Tami Hastings (tlhastings@ithaca.edu) at 274-41480 in Travel Services with questions regarding Travel Card transactions.

Failure to comply could result in consequences or further action being taken as stated in these policies.

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