SPCC Reconciliation

Overview

All Cardholders and Approvers will be required to complete online reconciliation of SPCC transactions as of April 15, 2014.  Reconciliation will be completed in the Bank of America, Works 4 application (This application is most compatible with Internet Explorer and Chrome).  Cardholders are strongly urged to reconcile transactions as they post to their account, since it is no longer necessary to wait for paper statements to arrive before performing reconciliation. 

Reconciliation of transactions consists of:

For Cardholders:
-Reviewing the transaction to ensure that it is a valid business purchase that complies with policies and procedures,
-Allocating transactions or confirming default / auto-matched allocations,
-Uploading electronic documentation for the transaction to the bank system, and
-Signing off on the transaction, which routes the transaction to the Approver for the account.

For Approvers:
-Reviewing the transaction and attached documentation to ensure that it is a valid business purchase that complies with policies and procedures,
-Checking the index and account codes on the transaction to ensure that the charge has been correctly allocated, and
-Signing off on the transaction, which batches the transaction for audit review and prepares the transaction for Banner upload.

To Reconcile Transactions

Cardholder Reconciliation Process
  • As purchases are made, retain your original receipts and other supporting documentation. 
    • It is a best practice to immediately convert paper documentation to electronic format and save them to a folder on your computer to expedite the reconciliation process.
  • As a transaction posts to your account, you will receive an automated email from the bank system notifying you that there is a transaction available for signoff.  Clicking on the link for Works 4 in that email will bring you to the Bank of America Works system, which may also be found at http://payment2.works.com/works
  • On the Pending Sign Off tab of the Works Expense screen, review the transaction by comparing the transaction information to supporting documentation.  Ensure that totals match and that you have not been incorrectly charged tax.
    • Contact the vendor immediately if you have been charged in error.  Contact the Program Administrator and Bank of America’s Fraud Department (1-866-500-8262) if any fraudulent transactions appear.
  • After reviewing the transaction, click on the Document Number in the line item and select the Allocate/Edit option from the drop-down menu.  This will open an allocation pop-up window.  In this window you can:
    • Edit the item description field to change the description that will post to Banner (Please note that there is a 35 character limit on the Banner import for this field and special characters will not import.).
    • Edit the default index and auto-matched account code allocation.
    • Add additional lines if split accounting is required.
    • Add comments to the transaction (comments may also be added at sign off).
  • Once edits are complete, click on the Save button to save changes.  Next click the Close button to return to the Expenses screen.
  • To attach a receipt to a transaction, click on the Document number in the line item and select the Manage Receipts option from the drop-down menu.  This will bring up the Receipts pop-up window.
  • On the Receipts pop-up window, click on Add button and select the New Receipt option from the drop-down menu. This will open a new window where you can browse to the document on your computer. PLEASE DO NOT ADD A RECIPT DATE OR DESCRIPTION ON THIS SCREEN.
    • A detailed list of required documentation to be submitted with food and travel-related expenses can be found in the SPCC Policies and Procedures.
  • After locating the receipt to upload, click on the OK button on the Receipt Window.  You will now see the receipt name listed in the File Name column of the Receipts pop-up window.  From here you can view the receipt or click on the Close button to return to the Expenses screen.
  • The last step in the cardholder reconciliation process is signing off on the transaction.  This is done by clicking on the check-box to the left of the line item and clicking on the blue Sign Off button located at the bottom of the page.  This will route the transaction to your Approver for review and sign off.
  • Two days after cycle close you will receive an automated transaction report from the bank system.  Use this report to ensure that you have completed reconciliation of all items listed on the report.
Approver Reconciliation Process
  • As cardholders signoff on transactions they will be electronically routed to your account for review and final sign off. 
  • The Bank of America, Works 4 application will send you an automated email notifying you when you have a transaction available for signoff.  Clicking on the link for Works 4 in that email will bring you to the bank system, which may also be found at http://payment2.works.com/works
  • Review the transaction’s attached supporting documentation to ensure it is a valid business purchase.  This is done by clicking on the Document number of the line item and selecting the View Receipts option from the drop-down menu.  
  • Confirm that the transaction has been correctly allocated by viewing the Allocation column of the Expenses screen.  Allocation information for transactions containing multiple line items can be viewed by clicking on the plus sign (+) next to the Document number and then clicking on the Allocation Tab.
  • The last step in the Approver reconciliation process is signing off on the transaction.  This is done by clicking on the check-box to the left of the line item and clicking on the blue Sign Off button located at the bottom of the page.  You can sign off on multiple transactions simultaneously by adding a check mark to multiple lines before clicking the Sign Off button.
    • Do not sign off on transactions in Works if the cardholder’s supporting documentation is not attached to the transaction and/or you have not verified that the transaction is a valid business expense that complies with William & Mary or VIMS policies and procedures.
  • The system gives you the option to flag a transaction if you find that the transaction is incorrectly allocated, missing a receipt or you need additional information to validate the business justification. 
  • To flag a transaction, click on the Document number of the line item and select the Raise Flag option from the drop-down menu.  Next add a comment so the cardholder knows why the transaction was flagged and then click the OK button to return the transaction to the cardholder.
  • Two days after cycle close you will receive an automated transaction report from the bank system.  Use this report to ensure that you have completed review and sign off of all items listed on the report.

SPCC cardholders and Approvers are responsible for ensuring that monthly reconciliation is complete by the 23rd of the month in which the cycle closes.  Funds for unreconciled transactions will be withheld from the cardholder’s available balance in the following billing cycle until reconciliation is completed by the cardholder and approver.

Please contact the SPCC Program Administrator with Online Reconciliation questions.

Laken Marley

SPCC Program Administrator
Procurement Services
757- 221- 2513
[[lmarley]]