Question:

What is your approval timeline for compliance purposes?

All Purchase card transactions have to be coded w/ accounting string, approved and have a valid budget check by the 12th of each month. In addition, when we load our bank files into our financial system daily, an auto generated email notifies the reconciler that there are transactions in their queue.

Approvers are asked to approve within 2 business days of receiving an expense report.

Monthly billing cycle ends on the 20th of each month; accountholders are expected to reconcile and sign off by COB on the 27th, approvers are expected to sign off by COB on the 29th. All transactions are exported to our ERP system to process and pay our Bank of America statement on the 30th, at which point anything unreconciled or unapproved will be swept into the export batch. (All dates may be adjusted as needed for holidays/weekends/February.)

None

One week after the closing of cycle.

30 days

We allow the departments about 8 business day to process/reconcile their statements. Once we audit those statements they have one week to get violations corrected from the time I present the pre-audit report.

Approvers have until the end of the month following the transaction post date (i.e. April transactions must be approved in our platform by May 31)

Billing cycle closes on the 25th of each month, Cardholders have until the 4th to submit "Expense reports" and receipts, then the Managers/approvers must approve by the 8th. We target having all approvals by the 14th of the month when we pay the provider.

60 days from statement cycle date of a transaction.

5 buisness days

Submit monthly transaction report 3 days after the cycle close. We have a 7 day grace period to account for vacation.

Monthly

15 days

30 days

Expenses are due by Friday of each week for the previous week's posts. If the last day of the month (cycle end) is Monday through Thursday, Expenses are due 5 business days from the last day of the month. The remainder of the partial week (month begin days) can be submitted by Friday (normal weekly schedule) or included with the following weeks submission.

30 days

Within 17 days after the close of a cycle. Cycle closes on the 1st; cardholders have until the 10th to reconcile; Approvers have until the 17th to approve.

Approval is completed prior to purchase.

10 business days after statement cut off

3-5 business days

Seven days from end of cycle for complete statement files to be submitted.

We strive to get all current month's cycle transactions approved before the current accounting month closes.

5 days

15 days after billing statement

Typically coding and approvals are 5 days after the month.

Monthly: Statement available from the bank on the 6th, Cardholder must submit reconciled statement with backup and signatures by the 10th, department reconciler must submit an approved requisition of all charges by the 15th. Purchasing processes the PO and AP reconciles the entire organization statement by the 20th.

Cardholders have 48 hours after cycle close and managers another 4 days after that.

Cardholders have 7 business days after a cycle ends (the 25th) to complete the verification and approvals.

Must be completed by the 15th of the following month.

Five business days

@5 business days after statement closes

We try to give them 48 hours to obtain their backup if missing.

The fourth business day following month end.

Within 60 days of the posted transaction date.