Credit card acquittal procedure
Procedure
Intent and objectives
To ensure staff meet the acquittal requirements for corporate credit cards.
Scope
1. Corporate credit card holders -The staff member whose name appears on the corporate credit card and purchases goods and services for RMIT business purposes only, where the only payment method accepted by the vendor is credit card or the vendor is based overseas.
2. PCard holders - The staff member whose name appears on the corporate credit card, who is empowered to purchase items on behalf of their area/department
Exclusions
Purchases on PCard via Central procurement team.
Procedure
Statement date
The statement date is the last day that transactions are billed by the CBA in that month. The bank rolls over card accounts and credit limits are reset on the next working day. Two working days after this date, the final transactions for the month are downloaded to iCMS and the system is opened up for submission and authorisation of statements for approximately 14 days. All statements should be authorised within this time frame.
The following steps are taken to acquit corporate credit card statements:
1. Card holders
Card holders or their authorised delegates must:
- against each transaction enter a description of the purchase, GST status, internal order and G/L expense account, and any further information required for particular expense types, in accordance with the Credit Card Usage Procedure
- use the correct coding of transactions (e.g. FBT Wizard) There are tools within iCMS to assist in this area For full details of the system refer to the iCMS User Manual
- submit, through iCMS, the completed statement to your Authorising Officer
- print a copy of the statement and attach all supporting documentation
Card holders must:
- sign the Acknowledgement by Cardholder on the printed statement
- forward the printed statement and attachments to the Authorising Officer
2. Authorising officers
Authorising officers must:
- ensure that all transactions relate to official RMIT business and are consistent with RMIT policy and procedures, and that the card holder has signed the ‘Acknowledgement by Cardholder’
- ensure that the information entered into iCMS is correct
- ensure that the supporting documentation is complete and adequate
- authorise the statement electronically in iCMS as the Authorising Officer
- forward the printed statement, together with all supporting documentation, to the Finance Support staff at their location for filing
3. Supporting documentation
- All transactions must be supported by documentation that clearly shows the date of the transaction, the supplier of the goods or services, a clear description of the goods or services, the purpose of the purchase and the amount paid.
- Purchases in excess $82.50 (GST inclusive), and sourced in Australia, must be supported by a tax invoice.
- Where documentation is not available a statutory declaration must be completed and attached to the statement. As these transactions are not supported by a tax invoice they must be coded as GST free.
4. Statements not acquitted
- Late acquittals are not acceptable.
- Where a statement remains un-acquitted after 60 days, the card account will be suspended.
- If the statement still remains un-acquitted after 75 days, the card account will be cancelled.