APPROVING CREDIT CARD TRANSACTIONS User Guide

Parnassus Financials

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PPROVING

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REDIT

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ARD

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RANSACTIONS

User Guide

Content

Overview

1

Access & Transactions Form

4&5

Purchasing Card

1&2 Query Transactions

5

Travel Card

2&3 Distribution Form

6

Receipts & Notifications

3

Record Keeping

6

Overview

Ithaca College employees may apply for an Ithaca College Purchasing Card or Travel Card for

approved College related purchases or travel. All credit card transactions are automatically loaded

into Parnassus for review and to assign the proper departmental account number and transaction

description.

Department Coordinators or designated departmental employees are responsible for updating

assigned cardholder credit card transactions in Parnassus.

Objective

The Department Coordinator or designated departmental employee who is responsible for reviewing

online credit card transactions and maintaining proper documentation will be able to access, review,

approve and assign the proper departmental account number and transaction description utilizing

Parnassus.

IC Purchasing Card

The Ithaca College Purchasing Card is a

MasterCard credit card through JPMorgan Chase

for the purchase of non-travel related goods,

entertainment, and/or services (Figure 1).

 Purchasing Card Guidelines, Instructions, Application, and Policy



Purchasing Card Transaction Process (non-travel)

Required training sessions must be completed before Parnassus access can be granted.

Purchasing Card Process (Figure 1A)

• Cardholder uses IC Purchasing Card for approved expense

• Cardholder gives original receipt to Department Coordinator within 5 days of purchase

• Vendor charges credit card company (JPMorgan Chase)

• Credit card transactions are loaded into Parnassus almost daily from JPMorgan Chase

• Department Coordinator receives email notification for designated cardholder’s transactions

• Department Coordinator uses cardholder receipts to review & assign account number and description to transactions in Parnassus within 10 days of email notification

IC Travel Card

The Ithaca College Travel Card is a MasterCard

credit card through JPMorgan Chase for Ithaca

College travel related expenses (Figure 2).

 Travel Card Guidelines, Instructions, Application

 Financial Services website >Travel Services >Travel Card > choose links in green box on right side)

http://www.ithaca.edu/financial_services/travel/getravel/

 Travel Card Policy and Procedures

 Financial Services website >Travel Services (for Overview) then >Travel Policy

Travel Card Transaction Process

Travel Card Process (Figure 2A)

 Cardholder uses IC Travel Card for approved travel related expenses

 Vendor charges credit card company (JPMorgan Chase)

 Credit card transactions loaded into Parnassus from JPMorgan Chase

 Department Coordinator receives email notification for designated cardholder’s transactions

 If charges occur in advance of travel date then Cardholder gives original receipts to Department Coordinator within 5 days of purchase and department coordinator has 5 business days from email

notification to update transaction in Parnassus. Must also include in Expense Report

 If charges occur while traveling then Cardholder submits original receipts to Department Coordinator within 10 business days after return from travel and department coordinator has up to 15 business days after traveler returns to update transactions in Parnassus

 Department Coordinator uses cardholder receipts to review & assign account number to transactions in Parnassus

 All expenses must be included in Expense Report and submitted to Department Coordinator within 10 business days of return from travel

Receipts

 Receipts

 Cardholder

 Submits original receipts and documentation to department coordinator within timeframe described for travel and non-travel related expenses as stated in IC Purchasing Card and Travel Card Policy & Procedures  Department Coordinator

 Uses original receipt to verify and post assigned cardholder’s credit card transactions

 Retains original receipts and statements for 6 years as described in IC Purchasing Card and Travel Card Policy & Procedures

Notification of Transactions

 Department Coordinator or designated departmental employee is notified

 Receives email notification for each assigned cardholder’s transactions needing approval  Receives notification in Parnassus Notification Worklist

 Department Coordinator uses cardholder receipts to approve transaction in Parnassus

 Purchasing Card transactions must be updated within 10 days of email notification

 Travel Card transactions must be updated within 5 business days of receiving email notification for advance purchases and within 15 business days after traveler returns for purchases incurred while traveling

Access Transactions

Department Coordinator or designated employee responsible for updating credit card transactions

will only have access to the travel and/or purchasing credit card transactions for the assigned

cardholder.

Departments can designate one department coordinator to update only the travel credit card

transactions, and designate a different department coordinator for only the purchasing credit card

transactions

 Access Transactions

 Go to Finance Apps responsibility in Parnassus  Choose “Credit Card Transactions”

for both Purchasing and

Travel card transactions (Figure 3)

Transaction Form

 Credit Card Transaction Line (4A)

 Identifies cardholders card number (will only display last 4 digits) for each transaction  Transaction date is actual date card was used (i.e. 03-JAN-2010)

 Reference number is assigned by the bank and listed in the department coordinator’s notification  Currency will show USD

 Amount is the transaction charge

 Approved box will show a check mark after approval process. You can review transactions with a check mark but after the overnight process runs, you cannot make any further changes.

 Credit Card Cardholder/Transaction Information (4B)

 Card Program will show JPMorgan Chase PCard or TCard Program

 Employee Name is the name listed on the MasterCard Credit Card (format is LN, FN MI)  Card Code is assigned by bank

 Merchant Name is the vendor’s name (some vendors use different name)

 Distributions Button (4C)

 Click to go to distribution form

Query Transactions

 To find transactions by date, cardholder, amount, etc. (Figure 5)

 Hit F11 which will highlight all fields you can query (or use View >Query by Example)  Enter information in any highlighted field to search

o Transaction Date format: 03-JAN-2010 (to search by only month or year use wildcard search, i.e. %NOV-2009, %JUN%2010 or %2010)

o Amount: no dollar sign

o Employee Name: LN, FN MI (use wildcard search if full name unknown, i.e. %LN% or %LN%FN %)

 CTRL & F11 to search  F4 will cancel a search

 To change to a different search criteria hit F11

 For all credit card transactions (this search could be very slow since it finds all transactions for

those cardholders you approve)

 CTRL & F11

 To view last record go to View >Record >Last

 Select Credit Card transaction to update

 Click anywhere on the transaction line  Click Distribution button

 If you click the box to the left of the transaction it will automatically choose that line and go to the distribution

Distribution Form (Figure 6)

 Approve Transaction

 Click in Account field

 Enter Account Number (DO NOT use subcode 7300)

 Enter information in Description field (enter concise description as this shows up in GL and is necessary for auditing purposes.

 Click in Status field LOV  ONLY choose APPROVE

 Choose File, Save or File, Save & Proceed (after the

overnight process runs in Parnassus, credit card transactions cannot be edited)

 Split Transaction

 Enter account number and description for the first distribution line

 Change “Amount” for first account number  Go to next distribution line

 Enter next Amount, Account number, and Description

 Be sure Amounts for all lines equal the Total Amount for transaction

 Change “Status” for all lines to “Approved” (if Status for all lines is not changed to Approved, the transaction Approved box-4B will not show the check mark and the transaction is not completed)

 Choose File, Save or File, Save & Proceed (after the overnight process runs in Parnassus, credit card

transactions cannot be edited)

 Continue verifying transactions until completed

 Close transaction form when finished

 Receipts must be attached to cardholder’s monthly MasterCard statement then submitted

to cardholder’s supervisor for review, approval, and signature.

Record Keeping

 Review of Monthly MasterCard Statements

 Cardholder

 receives monthly statements from JPMorgan Chase

 reviews transactions for accuracy on statement and gives to department coordinator within 5 days of receipt.

 Department Coordinator

 submits cardholders monthly statement with receipts and supporting documentation attached to cardholder’s supervisor for signature/approval

 department coordinator will retain monthly statements for 6 years for auditing purposes after supervisor has approved and returned these statements to department coordinator

 Approver

 cardholder’s supervisor receives statement with receipts and supporting documentation from department coordinator

 reviews, approves and signs (or initials) statement

 returns approved and signed statement to department coordinator

Note: Review Ithaca College Purchasing Card and Travel Card Policy and Procedures documents for detailed information (see page 1 & 2 in this guide)