Bank Statement Reconciliation

 

Billing Cycle

Reconciliation by Cardholder

Reconciliation by Approving Official

 

Billing Cycle

The billing cycle of the US Bank Visa GoCard is from the 16th of the first month to the 15th of the next month (depending on calendar work days). E-statements are available through US Bank’s online service.

 

Reconciliation by Cardholder

Around the 20th of each month an email notice is sent to all cardholders from the GoCard ListServ indicating that charges for the previous month are available for reconciliation. Each cardholder or their designee will reconcile their account per the instruction received in GoCard training. For detailed instruction on completing the GoCard Reconciliation in CFS, visit MySJSU Finance Help for Department Users.

If an item is billed incorrectly or is questionable (e.g., purchases which the cardholder does not believe he/she made), the cardholder must contact US Bank within 14 days of statement date and:

  • Notify vendor that made the charge that the transaction is being disputed
  • Maintain an accounting of expected credits for disputed items,
  • Remember the chartfield string(s) original payment was made from, and
  • Ensure future charges do not appear on statement 

Cardholder statements will be paid in full, including disputed items, to avoid late fees and penalties. It is the Cardholder’s responsibility to secure a reversal of charges (credit) from US Bank.

Note: GoCard expenses may be paid from university funds and Tower Foundation funds. Research Foundation funds are not an allowable funding source.

Submit the signed and approved GoCard Reconciliation Report, matching receipts, and any required justification to the GoCard Coordinator within 5 working days of statement email notification (on or about the 28th of each month).

 

Reconciliation by Approving Official

The Approving Official must:

  • Review the monthly charges made by the Cardholders to make sure they are appropriate, that prohibited items were not purchased, and that appropriate account numbers were assigned to each charge.
  • Ensure that disputed items are credited.
  • Sign and forward to Accounts Payable all GoCard Reconciliation Reports and receipts within 5 working days of statement email notification (on or about the 28th of each month).