RECONCILEMENT AND PAYMENT
Reconcilement and Payment:
Unlike personal credit cards, the WellsOne Commercial Card Program is handled as city liability. Your personal credit history has not been taken into account when a card has been issued in your name.
The Accounts Payable Department is responsible for paying the Program invoice(s) each month. You are not responsible for payment under your account.
At the end of a statement period, you will be notified via email that it is time to review your card statement. You will access the Commercial Card Expense Reporting tool via the Internet to review your statement. The statement will reflect the transaction date, posting date, supplier/merchant name and the total amount of the purchase. You have the ability to reconcile your account at any time.
You are responsible for the following:
- Retaining all receipts for items purchased under the program.
- Ensuring all transactions posted are legitimate purchases made by yourself on behalf of the city.
Receipt Retention/Record Log:
It is a requirement of the program that you keep all receipts for goods and services purchased. For orders placed via phone, fax or mail, or online, you must request a receipt, detailing merchandise price, sales/use tax, freight, etc., be included with the goods mailed/shipped. (Note: a merchant should not reject this request, as it is a Visa policy). It is extremely important to request and retain purchase receipts, as this is the only original documentation that shows whether sales tax has been paid.
To assist you in retaining receipts for purchases made over the phone, please create a phone and internet purchase record log. Since standard reimbursement policies require retention of receipts or other proof of purchase, record keeping is not an extraordinary requirement.
As card records will be audited from time to time, it is essential to adhere to the above record keeping guidelines.
Reconcilement of Purchases:
It is your responsibility, immediately upon receipt of your statement to check it to ensure all the transactions posted are legitimate transactions made by yourself, mark transactions for which receipts will be attached, and attach line item detailed point of sale receipts or delivery invoices. Other optional functions such as splitting transactions, adding descriptions, marking transactions as personal, and reclassifying expenses can be performed using the Commercial Card Expense Reporting tool. All of the available functions will be part of your initial training and can be referenced in the Cardholder Quick Reference Guide. If everything is in order, you will mark the statement as reviewed. Once your statement has been marked as reviewed, an email will be issued to your Department Head for his or her approval. Follow city procedures for forwarding the receipts to your Department Head. Please make copies for your records.
Disputed or Fraudulent Charges:
If there is a discrepancy between your record log and your statement, it is imperative that the issue is addressed immediately! Depending on the type of discrepancy, you will need to contact the merchant or complete the online dispute form to resolve the disputed transaction.
If you believe the merchant has charged you incorrectly or there is an outstanding quality or service issue, you must first contact the merchant and try to resolve the error or problem. If you are able to resolve the matter directly with the merchant, and the error involved an overcharge, a credit adjustment should be requested and will appear on your next statement. Note: The item should be highlighted on your record log as a reminder to verify that correct credit has been received.
If the merchant disagrees that an adjustment is necessary, you will complete the online dispute form. The details of the disputed transaction will be entered online and followed up on by Wells Fargo Bank.
Wells Fargo Bank must receive any charge dispute within 60 days of the transaction date. While pending resolution, Wells Fargo Bank will credit the city's account for the amount of the disputed transaction. Although Wells Fargo Bank acts as the arbitrator in any dispute, you should never assume that a dispute will be resolved in your favor.
If the dispute is not resolved to your satisfaction, and you believe the merchant has unfairly treated you, please notify your Department Head with the relevant details. If the merchant is one of our preferred vendors, our purchasing department may take further action.
Any fraudulent charge (i.e., a charge appearing which was not authorized by you) must be reported immediately to your Program Administrator. Prompt reporting of any such charge will help to prevent the city from being held responsible.
SALES AND USE TAX
Merchants are required by tax authorities to include the applicable sales or use tax at the time of purchase. The amount of tax is dependent on a variety of factors including the state, country, and city where the goods are purchased.
All merchandise not purchased for resale should include the applicable sales tax.
Out-of-state purchases, where sales tax has not been charged, should accrue the applicable use tax.
If your purchases are usually tax-exempt, you will be required to provide merchants with the necessary forms for non-taxable goods or services. Your program may require that you have two cards, one for tax-exempt and one for taxable items. Questions regarding this policy and any other questions concerning tax issues should be addressed to your Program Administrator.