Access Online US Bank's Web Reporting Tool that allows PCC's the ability to view transactions and run reports
Billing Period A period of time (usually 30 days) that is used to group Procurement Card transactions for payment purposes; UCR billing cycle is the 25th of the month
Blanket Order An order that is placed with a merchant that is designed to cover a specific period time
Cardholder (CH) University employee delegated a Procurement Card to make University Purchases
Clearing Account A general ledger account (780315) that is used to accumulate charges that are paid at a pre-determined interval.
Default Account A general ledger account that is assigned to a specific procurement card coded by the cardholder's department
Departmental Card Administrator (DCA) Employee assigned to manage the Procurement card program within a department including reconciliation, redistribution and monitoring compliance with Purchasing Policy
Financial Officer (FO)/Financial Manager (FM)/Business Officer (BO)/Management Service Officer (MSO) The employee in a department responsible for directing its administrative and financial affairs
Internal Controls A system of checks and balances that are put into place to ensure that assets are safeguarded
LVPA Low Value Purchasing Authority delegated to departments outside of Purchasing-Individual's delegation is dependent on level of training not to exceed $2500
Personal Use Items Items purchased solely for the benefit of the Cardholder that are not consistent with the types of items purchased by the employee in the performance of their job responsibilities
Point of Sale A term that is used to indicate the point in time when a transaction is commenced between a merchant and a customer.
Procurement Card A credit card that is used to facilitate the purchase of low dollar amount of goods and services
Procurement Card Coordinator (PCC) Employee in Purchasing responsible for the overall UCR Procurement Card Program
Procurement Card/Purchasing Card/Pro Card Terms can be used interchangeably to identify US Bank's corporate purchase card used by the University
Separation of Duties The process whereby individual pieces of business function are split into two or more different functions. The objective is to minimize the risk of fraudulent transactions occurring by ensuring that no one employee has the ability to perform all phases of the transaction.