My company is an agency that purchases items on behalf of clients. On one credit card, we have several transactions from the same vendor with no apparent way to distinguish which client the charge goes to on our monthly credit card statement. How do you reconcile the statement to keep track of which payments went through for each client?

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Originally Posted by drsiuss

My company is an agency that purchases items on behalf of clients. On one credit card, we have several transactions from the same vendor with no apparent way to distinguish which client the charge goes to on our monthly credit card statement. How do you reconcile the statement to keep track of which payments went through for each client?

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You need to institute some discipline with the initiators of the transaction and surely you already have a form of project costing. When a transaction is initiated, if no supplier voucher is generated, an internal voucher should be generated for the transaction. The initiator should be required to note the relevant project and pass a reconciliation sheet monthly to your accounts section together with the vouchers. Essentially the initiators should be responsible for providing the necessary data to facilitate reconciliation signed off by a supervisor

These principles are basic internal control

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Originally Posted by paraclete

you need to institute some discipline with the initiators of the transaction and surely you already have a form of project costing. When a transaction is initiated, if no supplier voucher is generated, an internal voucher should be generated for the transaction.

these principles are basic internal control

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We have supplier invoice numbers on our end, but we can't force them to appear on the credit card statement. The credit card statement just lists the items without any distinction.

What internal controls would you recommend to handle this situation?

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Originally Posted by drsiuss

We have supplier invoice numbers on our end, but we can't force them to appear on the credit card statement. The credit card statement just lists the items without any distinction.

What internal controls would you recommend to handle this situation?

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See the other thread