The fiscal year-end is approaching and the corporate VISA procurement card program will be affected by the university’s year-end closing procedures. Cardholders must adjust their use of the credit cards in the following ways in order for purchases to be included in the current budget year.
1. Stop using the procurement card several days prior to June 25, 2008. The billing period cut off date established by the bank is the 25th of each month. Transactions received after the 25th fall into the next month. Consequently, if the bank receives and posts a transaction from a vendor by June 25, it will be included in the final budget for FY 08. Any transactions received and/or posted at the bank after June 25 will fall into the July billing period and be charged to FY 09 budgets. We strongly suggest June 16, 2008 as the last day the Visa cards should be used for transactions that should be posted against the FY 08 budgets.
2. There is a shortened deadline for June reallocation. Cardholders will not have the usual 15 days into the following month for reallocations. Because of very tight scheduling of FRS processes, June Visa transactions will remain on the ProCard Reallocation and Reconciliation System for cardholders to view or change only until 1 p.m. Thursday, July 9.
3. Cardholders have experienced the following year end problems:
– Vendors did not submit transactions promptly to the bank.
– The bank was not able to post all last-minute transactions prior to the deadline.
The university has no control over either problem. Consequently, some charges were posted to July in previous years because they did not clear the bank before June 25. Please plan the use of your procurement card to avoid making purchases too close to the billing period cut off date in June.
If you have any questions, contact Financial Services at {procard@towson.edu}.
