How will using PeopleSoft affect how we are audited?
We have frequently been asked this question. It usually comes up when people are thinking about a process that used to have paper intensive controls but will now be handled through the security features of PeopleSoft. The answer here is that the auditors will have to learn our new system and procedures and audit us in accordance with them. We fully expect the auditors to take the time to learn about our new system before they can undertake their audit. They will still be concerned with security and controls over critical functions, but will now have to ensure those controls exist within the system. If you have any questions or concerns about how a function will be audited under PeopleSoft or if you are not sure that adequate controls are in place in your department, please contact us.

How can I ensure that sales tax is not charged on my computer purchase?

To avoid paying sales tax you should purchase the computer through either of the following contracts. These web sites can also be found on Procurements web site.

How can a department achieve adequate separation of payroll duties?
Effective separation of duties means that an individual should not have responsibility for more than one of the three transaction components: authorization, custody, and record keeping.

This means that:

The individual who enters time into PeopleSoft (PS) cannot also have access to approve the time entered into PS or adjust time entry after it has been approved.
The individual who approves time cannot have access to time entry in PS.
The individuals who prepare and approve payroll cannot pickup, reconcile or distribute the related paychecks and direct deposit advices.
The individual who picks up the paychecks and direct deposit advices can distribute them and reconcile the payroll (i.e., have access to PS reconciliation reports).

Should our Department possess and utilize a “for deposit only stamp” for restrictively endorsing checks upon receipt, even if we only receive a small number of immaterial checks per year?
Yes. It is imperative that any checks made payable to UMBC received in any department, (no matter how infrequent or immaterial in nature) be restrictively endorsed "for deposit only" and recorded immediately upon receipt. The Legislative Auditors have cited UMBC in prior audit reports for lack of restrictive endorsement immediately upon receipt.

Why should I be concerned about reconciling my purchasing card log to my VISA statement?
The short answer is because it’s part of the program policy that you agreed to follow when you signed the cardholder agreement. But, you should also be concerned that if you do not reconcile your log to your VISA statement you could be charged for merchandise you did not purchase or charged more than once for the same item. Both of these errors have been found by cardholders on our campus through their reconciliation process. Such over charges will affect the funds you have available for legitimate and necessary purchases. If you believe a charge on your VISA statement is not legitimate, please immediately file a claim of disputed item form available via the Procurement Department’s website.

When should I record p-card purchases on my log?
We are often asked this question during p-card reviews. Purchases should be recorded on the log as the purchases are made (ordered), on an on-going basis, not when the merchandise is received or when the charge appears on your VISA statement. If you have any questions about this or any other p-card policy, you should call Ina Caplan x3915, the Purchasing Card Program Administrator.

How long should I retain purchasing card documentation?
Purchasing card documentation is to be retained for at least five (5) years after fiscal year end, either in the Cardholder’s department or in department archives that can be readily accessed. If you are spending grant funds, consult the grant document to determine if you are required to maintain records for extended periods.

For reconciliation and audit purposes, departments must retain on a monthly basis the following items:

Should I forward my purchasing card transaction log and documentation to my supervisor for review each month even though all the purchases I recorded on my log have not shown up on my VISA statement?
Yes. A very important control in the purchasing card program is a monthly supervisory review. It is expected that some transactions will not be processed in the same month you record them on your transaction log. They are called reconciling items. Supervisors should still review the log and supporting documentation each month to ensure the propriety of purchases and adequacy of documentation.