Reconciling Transactions

Best Practices

Corporate card transactions should be reconciled in a timely manner. All transactions should be reconciled on an expense report in NUFinancials and approved within 30 days after the transaction occurs.

• Best Practice: Weekly reconciliation
• Required: Monthly reconciliation

Please note that it is not necessary to process each transaction individually.

Cardholders who have transactions in My Wallet or on an incomplete expense report for more than 90 days will have their account suspended until the transactions are reconciled on an expense report and fully approved.

Personal Purchases

If an unauthorized charge (personal purchase, against policy, etc.) is made on the card, it must be reconciled on an expense report as a credit advance. The employee must reimburse the University via personal check or money order when submitting the expense report. Accidental personal use of the card should be immediately reported to the Corporate Card office.

Training Resources: Guidance on reversing personal transactions on a corporate card can be found in Appendix C: My Wallet Transactions in Expense Reports in NUFinancials. Additional instructions are available in the Knowledge Base.

Reconciliation Process

The process for reconciling transactions is as follows:

1. Transactions are automatically loaded into My Wallet, which is a module in NUFinancials.
2. Cardholders or their proxy prepare an expense report in NUFinancials, pulling the transactions into the expense report from My Wallet.
3. Receipts need to be electronically attached.
4. The chart string and account code need to be verified.
5. A detailed line description (what was purchased, reason for the purchase) needs to be included for each transaction.
6. If a proxy prepared the expense report and submitted it on the cardholder's behalf, the cardholder will need to approve their expense report first in NUFinancials.
7. The expense report will then route to supervisor for approval.

The cardholder's supervisor should verify that the purchase was appropriate and adhered to purchasing policies. The Corporate Card office should be contacted if inappropriate purchasing is identified.

Training information on how to process and expense report for transactions in My Wallet is available Knowledge Base.

Resolving Errors and Disputes

In the case of an error with a corporate card transaction, please contact the vendor first as most disputes can successfully be resolved this way. If you are unable to reach an agreement with the vendor, please contact Chase (number listed on the back of your card) to dispute the charge.