SU Card Management and Clearing Aging Transactions
Dear H&S Finance Colleagues,
Financial Management Services (FMS) is undertaking a project to clear aging transactions (i.e., Advances, Travel Card, and Purchasing Card transactions that are older than 60 days). The Business Expense and Payment Services “Clearing of Aging Transactions Project” is working to reduce the level of aging transactions across the University by promoting the regular use of aging transaction reports and by introducing a periodic force-clearing of all transactions aged beyond 60 days to a department or program guarantee PTA.
We strongly encourage you to attend the following meetings to learn more information about this project from FMS:
- Financial Management Forum on Thursday April 22 at 10:00 -11:30 am
- The FMS Business Expense and Payment Services group will also meet with H&S specifically on Wednesday May 5 at 3:10 - 4:00 pm: https://stanford.zoom.us/j/96230283080?pwd=RTZTZE5YQ0RmTXF5aFBETkYrVjRZZz09 Please forward this invitation to finance administrators in your unit who might benefit from the information.
There are a number of reasons transactions can linger beyond 60 days, especially when Card Approvers or Verifiers are no longer with your unit. Old transactions assigned to inactive verifiers or approvers are still in the accounting system in “limbo” waiting to be verified and approved. The two steps below should help position your unit to clear these especially difficult transactions:
1. By Wednesday May 5, please Review and Correct Card Approvers: Run the SU Credit Card Custodian report in OBI (on the Expense Request and SU Card Activity dashboard below) and review the “Approver Full Name” for each card in your organization. If any Card Approvers are no longer with your department, or are unable to make entries on Oracle, we highly recommend you change those Card Approvers to someone who is able to approve Oracle Transactions for your unit at this time (e.g., the DFO or Finance Manager for your unit).
To change Card Approvers, simply run the report, download to Excel, insert a column for “New Card Approver” with your requested edits, and send the report to your liaison. Your liaison will coordinate with FMS to make these necessary first-step updates to your Card Approvers.
2. Update all Verifiers: Once all of your Card Approvers are updated by FMS, those Card Approvers should then be able to access the Credit Card Profiles Change Request system in Oracle and make any necessary corrections to Card Verifiers: HELPFUL NOTE: When updating verifiers in the Credit Card Profiles Change Request System, select the checkbox to “transfer pending transactions” to the new verifier. This indicator lets the system know to transfer any existing transactions that may be currently in “limbo” to the new verifier making them visible so they can be cleared.
As always, please feel free to reach out to your liaison if you have questions, especially about these first steps in the process. Again, we are coordinating with Business Expense representatives for them to give a presentation on May 5 at 3:10 PM (zoom info above) to help better explain this project. What we know at this time is that we should initially be focusing on aging transactions where the Advance recipient, or the TCard/PCard cardholder, custodian or verifier, is no longer in the unit. We hope the instructions above will help you successfully prepare.
With reporting provided by FMS, we will soon be in contact with each unit that has aging transactions that fall under these criteria (inactive approver or verifier) and we will work with you to reassign and process these transactions.
We encourage you to review your outstanding Advance, TCard, and PCard transactions on an on-going basis and take what action you can to keep up-to-date with these transactions. You can regularly monitor aging transactions by using the reports created by FMS that are available in the “Expense Requests and SU Card Activity” dashboard in OBI. In addition, Fingate contains instructions on how to clear Advance, TCard, and PCard transactions.
Associate Director of Finance
The School of Humanities and Sciences