Credit Balances on PCard UMB Statements-Revised
May 19, 2020
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Credit Balances on PCard UMB Statements
It is recommended agencies continue to reconcile PCard transactions prior to the end of the fiscal year even when a credit balance is reflected on the PCard UMB statement. Reconciliation of the PCard transactions may result in negative/credit vouchers. This will create accounting entries to appropriately reflect the negative expenditures that have occurred because of canceled travel reservations, conference registrations and other activities.
In order for negative/credit vouchers to pay, a positive voucher(s) must exist to offset the negative payment amount to bring the net payment balance to greater than or equal to zero.
Ensure the negative/credit voucher(s) and the positive voucher(s) have the same Supplier ID and Payment Information so they will offset each other (see checklist below and screenshot example). Both vouchers must be successfully budget checked and approved before Pay Cycle is run for them to get picked up together.
Fields that must be the same on both vouchers:
- Remit Supplier ID
- Payment Method
- Separate Payment box is NOT checked on either voucher.
Any negative/credit PCard voucher(s) that have posted but not yet paid at fiscal year-end shall remain in SMART pending payment in FY 2021.
Submit a ManageEngine Service Desk ticket for any additional questions.