Purchasing Card Policy
On approximately the 28th of each month, Key Bank will notify cardholders by email that their online bill is available for review. Cardholders must log on to Key2purchase.com, an online system to review and approve card transactions. Substantiating receipts are uploaded and attached to transactions Cardholders will have until the 15th of the month following the statement date to complete this process. After that, the transactions will be downloaded to Colleague and payment issued to Key Bank.
Cardholders may log onto Key2purchase at any time, but must do so for each billing cycle to view the transactions posted to their card account. For each transaction, a default cost center will be listed based on the cardholder’s department, but cardholders may change to a different cost center when appropriate. Object or expense codes will need to be entered. Transactions may be split among vary cost centers and object codes.
Information on how to use the Key2purchase system. The system also provides general online help and answers to frequently asked questions.
The Business Office audits card transactions and reporting on a routine basis and ensures that each card is audited for a specific period at least annually. Cardholders and supervisors will be contacted regarding any questions/concerns that may arise from such audits.
Responsibilities of Cardholders and Departmental Coordinators
Purchasing cards should be stored in a safe place and the account number kept confidential. The card is not to be shared with another department. Lost or stolen cards should be reported immediately to Key Bank at 1-866-290-7700.
Vendors should be informed that purchases are exempt from sales tax when the purchase is made. Some merchants will only require the College’s exempt organization number which is printed on the card. Some merchants however, may require a copy of the tax exemption certificate appropriate for the state in which the purchase is being made.
An original receipt must be obtained from the merchant for each transaction posted to a purchasing card. The Colleague account number to be charged should be written on the receipt and all receipts maintained for a minimum of 3 years. It is considered a best practice for receipts to be filed by month and then vendor. Personnel in the Business Office will periodically conduct purchasing card audits to ensure cards are being used and administered appropriately.
A purchasing card may be requested by completing a purchasing card request form and forward to Roxann Jeffers, Disbursements Coordinator, in the Business Office. Questions regarding purchasing cards may be directed to Roxann and her contact information is firstname.lastname@example.org or ext. 4306.
Purchasing cards will be revoked if cardholders do not comply with the requirements of this policy.