Credit Card Procedures

Accounting/Paying for Credit Card Transactions

It is the cardholder’s responsibility to ensure that the charges are valid. If any invalid transactions are identified, the cardholder must contact the vendor. If the cardholder and vendor are unable to resolve the dispute, call the Purchasing Department at 315.443.1957. Any invalid charges identified and acted upon will then be credited back to the cardholder’s account. Chase will give further instructions during the credit card investigation. Invalid charges must be disputed with the bank within 60 days of the transaction.

Syracuse University is obligated to pay the invoice in its entirety within 15 calendar days of the issue date. Failure to pay the invoice in a timely manner will result in undue interest charges for the University. The accrual of such interest charges will start the day after the invoice is due.

It is each department’s responsibility to reconcile the credit card transactions against the valid receipts provided by the cardholder for each transaction and complete the online reconciliation. The individual responsible for approving expenditures must be an authorized signer on the chart string(s) charged. The monthly reconciliation report and all receipts must be submitted by the 20th day of each month. If this deadline is not met, the authorization to use the credit card may be suspended or terminated. A post-review of purchases will be made by Disbursements Processing.

The default chart string provided by the department on the Acceptance Statement found on the forms page will be used to pay the credit card billing statement should the monthly reconciliation not be met.

Credit card receipts should provide sufficient information to reconcile the purchase. A copy of the reconciliation as well as the receipts must be kept on file for a minimum of seven years by the user department in a manner which allows for timely retrieval as required by internal or external audits. These documents are not to be discarded at any time without the approval of the Comptroller’s Office.

Any one time requests for credit increases must be approved by the department head and either the Director of Purchasing or Assistant Director of Purchasing.