Colby College Purchasing Card

Overview:

The Colby College Purchasing Card is the preferred method of payment for invoices under $10,000 to those vendors that accept Visa.  Low dollar purchases are ideally suited for the card, however many companies will take it for high dollar purchases.  On a monthly basis, charges made with the card are electronically posted to the College’s financial system -CARS. 

 

Cardholder Responsibilities:

  1.  The College Purchasing Card is to be used for College related purchases ONLY.
  2. The card and card number is to be kept secure at all times.  If card is lost or stolen, immediately contact the Assistant Director of Administrative Financial Services at (X4125) or the Director of Administrative Financial Services at(X4123).
  3. Charges must be reviewed in PaymentNet every 3 to 5 days.  If you notice an invalid charge immediately contact the Program Administrator at x4125.
  4. Computer related purchases must be discussed with ITS prior to purchase.
  5. Every transaction must have an accompanying invoice (not a statement) attached.
  6. Invoices must be attached, in order, to the monthly statement.
  7. Any purchases that may seem unusual should have a note stating reason or purpose for the item or items. 
  8. Monthly statements should be neatly filed away and stored for a period of 5 years. 
  9. Each cardholder needs to have a backup person in their office that is aware of the location of the current months invoices and previous months statements. 
  10. Improper use of the card and/or non-compliance with all related responsibilities and procedures will result in loss of card privileges and may result in disciplinary action or termination.
  11.  The College strives to purchase environmentally friendly products, so please keep this in mind when buying products with your card.

 

Transaction Procedures:

  1. Making a purchase – When placing an order or purchasing goods in person, over the phone or via the internet, cardholders will provide the merchant with their Colby College Purchasing Card number.  At the time of purchase you should also provide the merchant with the College’s State of Maine tax exemption number (this number is E10005) to exempt the purchase from sales tax.  Cardholders should keep a folder of receipts, packing slips, or other documentation (ex. “print screens” if ordering off the internet).  All transaction documentation will be kept on file ONLY in the cardholder’s department, to be made available upon request to the Office of Financial Services or the external auditors.

 

  1. Paying from an invoice – When you receive an invoice for something already purchased you need to find out if the company will accept payment by Visa.  Call the number on the invoice and ask for Accounts Receivable.  If the company will accept payment with your card please give them your Visa information rather than sending the invoice to our Accounts Payable office for payment by check.

 

  1. Reconciling Visa account in PaymentNet – Each transaction will be posted individually on the web-based PaymentNet System within (3) days of transaction.  The cardholder or departmental representative assigned to the account will be responsible for approving the transaction and making sure the correct general ledger account is associated with the transaction.  Paper statements will be generated and sent to you from JPMorgan Chase.

 

  1. Posting to the general ledger – All transactions, for a calendar month, will be posted to the general ledger for the budget month in which they occurred.  This will be completed by the 10th of the subsequent month.  Note, if you have not reconciled your account by this date, the transactions will be posted to your default account.  If a transaction is not recognized or appears to be incorrect, the cardholder should flag the transaction as “disputed” on Paymentnet and provide the appropriate explanation.  An account with a disputed transaction will receive an immediate conditional credit pending review by JPMorgan Chase.

 

  1. Review of Purchasing Card Activity:  The Office of Financial Services will periodically conduct a Card Activity Review in order to review your departmental records and record keeping, communicate changes and “best practices”, and to solicit feedback on ways to improve Colby’s Purchasing Card program.

If your department would like to have a departmental visa, Please contact the Assistant Director Of Administrative Financial Services at x4125 for a spending assessment.