Colby College Purchasing Card
The Colby College Purchasing Card is the preferred method of payment for invoices from vendors that accept Visa. Low dollar purchases are ideally suited for the card, however many companies will take it for high dollar purchases. Transaction amount will post to budgets once they have been verified and approved in Workday. To apply for a Colby College Corporate credit card, please complete the All Card Policies and Procedure from linked below, then email it to [email protected].
Please note that Colby’s tax exemption information can be found here:
- The College Purchasing Card is to be used for College related purchases ONLY.
- The card and card number are to be kept secure at all times. If card is lost or stolen, immediately contact the Program Administrator at x4125 or Accounts Payable at x4126/x4128.
- Transactions must be reviewed in Workday every 3 to 5 days. If you notice an invalid transaction, contact the Program Administrator at x4125 immediately.
- To keep budget expenditures up-to-date, charges must be verified within Workday within 14 days of the posted date in Workday.
- Computer related purchases must be discussed with ITS prior to purchase.
- Regardless of the dollar amount, every transaction must have an accompanying itemized invoice (not a statement) attached in Workday as part of the verification process.
- Any purchases that may seem unusual should have a note stating reason or purpose for the item or items.
- The preferred file format for Workday attachments is PDF.
- 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.
- The College strives to purchase environmentally friendly products, so please keep this in mind when buying products with your card.
- Cardholders are responsible for verifying all credit card transactions within Workday prior to his/her permanent departure from Colby.
- Making a purchase – When placing an order or purchasing goods in person, over the phone or via the internet, cardholders will provide the merchant/supplier 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 electronic copies of all receipts (ex. “print screens” if ordering off the internet). All transaction documentation will be kept in Workday, but electronic copies should be available upon request by the Office of Financial Services or the external auditors.
- 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 or ACH.
- Reconciling Visa account in Workday – Each transaction will be posted individually on the web-based Workday System within 3 to 5 days of the 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.
- Posting to the general ledger – All transactions will post to the General Ledger and Budget once they have been verified and approved in Workday.
- Review of Purchasing Card Activity: The Office of Financial Services will periodically conduct a Card Activity Review in order to review proper usage of the corporate card, 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 Program Administrator at (207) 859-4125 for a spending assessment.