Thursday, June 01, 2006
Procurement Card and Fiscal Year 05/06 Closing
GE Capital Procurement Card (P-Card) purchases and refunds that post to GE Capital statements on or before June 30, 2006, will be charged to FY 05/06 budgets. P-Card purchases and refunds posting after this date will be charged to FY 06/07 budgets. To ensure that P-Card transactions post in the appropriate fiscal year, please take note of the following information.
The speed with which P-Card charges post can vary greatly from merchant to merchant. For example, some merchants may take as long as three to five days from the date of transaction to post charges and/or credits, and many merchants post at the time of shipping, rather than at the time of ordering. Therefore, it is important that cardholders who use their P-Cards after June 16, 2006, exercise caution if the charge is intended for FY 05/06. If transactions made after June 16, 2006, are intended to debit or credit to FY 05/06 budgets, the cardholder should have a clear understanding of the merchant's posting timeline. Cardholders are further advised that this is a good time to research any outstanding orders that were placed on P-Cards, but have not yet posted. Remember, anything posted after June 30, 2006, will post to FY 06/07 budgets.
Finally, please be aware that fiscal-year closing dates do not correspond with the P-Card's billing cycle indicated on the printed statement. In other words, it is the transaction's posting date that matters for fiscal-year purposes, not the GE Capital statement cycle start and/or end dates. P-Card statement cycles end on the tenth day of each month, and a new cycle begins on the eleventh day of the month.
Cardholders can access GE Capital statements via www.genetservice.com or by calling GE Capital at 800-274-7378. GE Capital statements can also be viewed with approved access in WEBBA via: WEBBA.PROCARD.STMT.
Assistance and questions can be directed to Mary Wilson, Procurement Card Program Administrator (mewilson@usc.edu or 213-740-9793).