The Corporate Visa Procurement Card Program is affected by the university’s fiscal year end closing procedures. Cardholders should follow the credit card use guidelines below in order to make sure their purchases are included in the current budget year.
1. Stop using the Procard several days prior to Monday, June 25. The bank?s cutoff date for the ProCard billing period is the 25th of each month. Transactions received after the 25th are placed in the next month?s billing period. Consequently, if the bank receives and posts a transaction from a vendor by June 25, it will be included in the final budget for FY09. Any transactions received and/or posted at the bank after the 25th of June will fall into the July billing period and be charged to FY2010 budgets. We strongly suggest Tuesday, June 19 as the last day the Visa cards should be used if transactions are to be posted against the FY09 budgets.
2. The deadline for June reallocation is 1 p.m. Thursday, July 9. Since June reallocation marks a year-end close, it is critical that cardholders follow the deadline. June Visa transactions will only remain on the ProCard Reallocation and Reconciliation System for cardholders to view or edit until 1 p.m. on Thursday, July 9.
3. Frequent year-end cardholders problems include vendors not submitting transactions promptly to the bank, and the bank not being able to post last minute transactions prior to the deadline. The university has no control over either problem. Consequently, in past years some charges were posted to the July period because they did not clear the bank before the 25th of June. Please plan the use of your ProCard to avoid making purchases too close to the billing period cut off date in June.
If you have any questions about how the year-end close will affect your ProCard, contact Financial Services at {procard@towson.edu}.
