P-Card Year End Reminders & Frequently Asked Questions
- Chad
PREPAID CODES
Prepaid Travel, Conference Registration, Subscriptions, Dues/Memberships expenses
Prepaid expenses can include travel, conference registrations, subscriptions, and dues/memberships etc. that are paid prior to 30-JUN-xxxx of any fiscal year but that actually start the next fiscal year. In order to record the expense as prepaid, the program code must be overwritten. Use the list of regular program codes and their corresponding prepaid program codes to determine the applicable prepaid program code to use:
Regular Program Code Starts With: | Use Program Code: |
0xxxx | 99602 |
1xxxx | 99620 |
2xxxx | 99630 |
3xxxx | 99640 |
4xxxx | 99650 |
5xxxx | 99660 |
6xxxx | 99670 |
Do not overwrite the program code on the following:
- Foundation index codes (xxxFxx)
- Restricted funds (fund numbers starting with 2xxxxx, 3xxxxx, 4xx xxx)
- Research Grants/Contract handled by the Research Accounting Office.
IMPORTANT DATES
June 14
Deadline for ordering items with PCard. All items must be received no later than June 30.
June 25
The statement for June will cycle the evening of 6/25. Any purchases not reflected on the June statement will be considered
FY20 purchases
June 28
All PCard transactions within Banner will need to be distributed no later than NOON. FAAINVT will not be available from 2 p.m. on 6/28 until after June month end close, 7/10.
July 1st
Start of FY21.
July 11
FAAINVT will resume.
FORMS
Account Maintenance Form
For Credit Limit increase, Single Purchase Limit increase, and any changes to pcard. Provide back-up documentation for justification of the increase. Send signed and completed form to pcard@pdx.edu or fax to 5-3400.
Signature Sheet
Signature Sheet Addendum
For additional card users this form needs to be completed and original sent to the PCard office. You must complete and pass the PSU online PCard test in order to be added as card user.
Substitute W-9
Make sure to fill out a W-9 for new vendors and use the link below ONLY for the form and remove any older links from your desktop. Vendor numbers need to be populated on all transactions using a tax reportable account code. Keep in mind, obtaining signed W-9 from vendor takes time. DO NOT wait for the last minute to avoid problems.
ADDITIONAL TEXT REQUIREMENTS
20108 - Subscriptions 1) Name of the periodical 2) Subscription period 3) Business purpose | 28601 - Conference Registration 1) Full name of the conference and/or organization 2) Conference location 3) Conference date(s) 4) Name(s) of the registrants | 28611, 28612, 28613 – Hosting 1) Who – attendees 2) What – event, meeting, etc. 3) When – date 4) Where - location 5) Why – justification statement (benefit to PSU) |
20201 - Computers (Suggested text) 1) Whether laptop or desktop 2) Inventory information: Make/Model/Serial # 3) Location – building name and room number 4) Date received – mm/dd/yy 5) Custodian + contact ## 6) Department contact name and extension # | 28901 - Memberships 1) Full name of the organization (not just an acronym) 2) Membership period 3) Membership type (institutional or individual) 4) If an individual membership, name(s) of the individual(s), and a short justification statement (why individual rather than institutional/benefit to PSU). | 40101 - Capitalized Equipment (should not be purchased on PCard, however) See inventory information on account 20201 for required text
Travel Expenses: Should only be incurred on official group travel cards. Text should indicate who the group is, description of the travel event (including location), and the travel dates |
22502 - Postage Must indicate the PSU Business Purpose of the postage purchase | 29xxx - Various Training account codes 1) Name of the entity providing the training 2) Training Location and Training Date(s) 3) Name(s) of the registrant(s) | Fuel Expenses: Text should indicate the number of gallons, type of gas (i.e.: regular, diesel, or alternative fuel) and business purpose in the commodity description. i.e.: 5 Gal Regular-Research Field Trip. Text should also include the travel period and location of travel. |
FREQUENTLY ASKED QUESTIONS
Q: Our department experiences times when we have significant spending increases as well as decreases, how do I handle this?
A: Your PCard team can always increase and decrease your credit limit. You will need to email a signed and completed Account Maintenance Form to pcard@pdx.edu
Q: Why would I want to decrease my monthly spending or credit limit?
A: Higher spending limit increases the risk of the card being compromised.
Q: What is Credit Limit and Single Purchase Limit?
A: Credit Limit is the total amount you can spend on the card for a month. Single Purchase Limit is the total amount of one receipt that will be charged by a vendor. Normally, PCards are set at $4999 as the Single Purchase Limit.
Q: In May, I am paying a conference registration fee for a conference that will take place after July 1st. How do I record this as a prepaid expense?
A: When you distribute the transaction in Banner, you will need to change the program code to a prepaid code. If a transaction was distributed already, you will need to do a correcting JV to change the program code to the proper prepaid code.
Q: I just paid a membership fee and the membership period starts June 1st through May 31st of next fiscal year. Do I need to distribute part of the fee to prepaid code?
A: No, this will be considered an expense for the current fiscal year. If the membership period starts July 1st, then use a prepaid code.
Q: The PCard was charged this current fiscal year but items will not be delivered until July, will this be considered prepaid?
A: Yes. Program code needs to be changed to prepaid code.
Q: What sort of description will I use if I am doing a correcting JV?
A: The text within the description box of the journal voucher should read, “CORR:” and then a “description of what you’re correcting.”
Q: Can I still use my card after June 14?
A: Absolutely, however, transactions might not be charged on your June statement and will therefore be a FY20 expense.
Q: I distributed a transaction and have changed the account code and the commodity description but why has it not yet fed?
A: More than likely, the FEED DATE has not been changed. Feed Date is what drives when the transaction will be fed within Banner.
Q: I am the card custodian and I will be off the last week in June, can I distribute my transactions when I get back in July?
A: No. All transactions must be distributed by noon on 6/28. You will need to distribute all transactions before you will be on vacation, or make an arrangement with your Business Manager to do the distribution for you.