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Bank of America WORKS Platform Up and Running

February 15, 2017 -- The Bank of America WORKS platform used for PCard reconciliation is live, and Accountholders and Approvers are trained and processing transactions with it. The next goal is maintaining compliance.

Feb 15, 2017

Here are some things you need to be aware of. Under a manual system, reconciling PCard transactions was processed a month behind. With the implementation of WORKS, the reconciliation process has improved radically to a daily, weekly task. Currently in WORKS, Accountholders and Approvers can see “transactions posted within 24-48 hours,” from the purchase date -- much sooner than before, allowing for efficient processing.

1) PCard billing cycle runs the fifth through fourth of the following month.

2) WORKS platform transactions are posted within 24-48 hours and need to be reconciled promptly.

a) Best practice; tackle the reconciliation process every week. This allows for Approver to review, sign-off, and Accounts Payable to audit and reconcile the monthly statement before the end of the month.

                                Within reason reconciliation and Approver Sign-off
-- Month -WK 1 due end of the week

-- WK 2 due end of the week

-- WK 3 due end of the week

Critical -- WK 4 Current week, previous week and flagged transactions due end of the week

The Works platform will automatically replenish monthly funds to Accountholders.  The transactions reconciled by all parties will be replenished the fifth. Transactions not reconciled will not be replenished until the following month on the fifth.  This automated replenishment to PCards only happens once a month. Any transaction signed off after the fifth will not adjust your monthly limit.

3) Definition and Required Reconciliation by role:

a) Accountholder: In WORKS, update the description field with a summary of what is purchased, allocate fund, verify tax field for charges, note in comments remaining information pertinent or justification of purchase, plus validate items/service were received, upload receipt and Sign-Off. Travel, or ITS Pre-approved workflow number are to reside on the receipt description.

b) Approver: In WORKS verifies reconciliation (of above mentioned), allocation, and invoice is correct and Signs Off.

As of January 2017 the following compliance to PCARD and WORKS procedure are being tracked.

13.2.1 Delinquency Notice -- Not reconciling or approving in a timely manner

a) First Non-Compliance notification sent to Supervisor and Department Head/Dean.

b) Second Non-Compliance notification sent to all above and VP.

c) Third Non-Compliance notification suspension of privileges. 

13.2.1 Purchase of Unallowable Item

a) First Non-Compliance notification sent to Supervisor and Department Head/Dean.

b) Second Non-Compliance notification sent to all above and VP.

c) Third Non-Compliance notification suspension of privileges. 

13.2.3 Failure to attach receipts to statement

a) First Non-Compliance notification sent to Supervisor and Department Head/Dean.

b) Second Non-Compliance notification sent to all above and VP.

c) Third Non-Compliance notification suspension of privileges.