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Forum 2010 Discovering Opportunities. Achieving Results

Forum 2010 Discovering Opportunities. Achieving Results. Exploration of New Card Endeavors. Charge Card Update. -1099 Changes -3% Withholding -Fraud Updates -Intellilink -Works Upgrade -Online Reconciliation. Charge Card Update. -1099 Changes

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Forum 2010 Discovering Opportunities. Achieving Results

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  1. Forum2010Discovering Opportunities. Achieving Results Exploration of New Card Endeavors

  2. Charge Card Update • -1099 Changes • -3% Withholding • -Fraud Updates • -Intellilink • -Works Upgrade • -Online Reconciliation

  3. Charge Card Update • -1099 Changes • Effective January 1, 2011, agencies will no longer be responsible for reporting Pcard transactions which are 1099 reportable • The Merchant Acquirer is responsible • BUT…

  4. Charge Card Update • -1099 Changes and 3% Withholding • With TIPPRA changes going into effect January 1, 2012, 1099 reporting will be required on all vendors (Pcard and non card) where 3% is withheld

  5. Charge Card Update • -3% Withholding • IRS has not come out with an update since many entities have shown major concern over the regulation • DOA is managing this project and we will provide updates as they are finalized

  6. Charge Card Update • -Fraud • Next round of sessions – VISA will be providing a Fraud Update • But here are some Fraud News to use….

  7. Charge Card Update • Effectiveness of Internal Controls • Internal Audit Departments • Management Review (APA) • Surprise Audits (PA) • Control Weaknesses • Lack of internal controls • Override of existing internal controls • Lack of management review • Controls to Prevent and Detect Fraud • Segregation of Duties • Monthly Reconciliations • Update Policies and Put them in Writing

  8. Charge Card Update • -Intellilink • Data mining tool which will be released in February/March 2011 • DOA will use for Audits and responses • APA will use for monitoring/audit prep • Internal Audit will use for monitoring

  9. Charge Card Update • -Works system upgrades/enhancements • New look to Works • Less clicks more user friendly • Receipt Imaging • Attach a receipt online to a transaction • Email capability to users/cardholders improved

  10. On-line Reconciliation • Memorandum • TO: Purchase Card Program Administrators and Back-ups • FROM: Valerie J. Alley, Assistant Director • Department of Accounts, eCommerce Unit, General Account • SUBJECT: Bank of America WORKS On-line Reconciliation Pilot Program • DATE: November 3, 2009 • In an effort to provide the most efficient tools to state agencies in the purchase card environment, the Department of Accounts is beginning to utilize Bank of America’s Works on-line reconciliation tool. Due to the effective manner your agency has managed the usage of Works; DOA would like to encourage you to participate in this program as a pilot agency. • Enclosed you will find the five options that are available. Please take some time to review the options thoroughly and decide which one or ones will best accommodate the needs of your agency. If you are interested in participating in this pilot program, or if you have specific questions regarding the program, please contact Monique Robinson, Charge Card Administration Coordinator, by November 16th at monique.robinson@doa.virginia.gov, or 804-786-0874. • Attachments • cc: Monique Robinson, Charge Card Administration Coordinator • Kristen Bolden, Charge Card Project Administration Analyst

  11. On-line Reconciliation • Option 1 • Cardholder allocates their charges in Works with accounting codes, prints log from Works, attaches supporting documentation and forwards the log to supervisor for review.  • Option 2 • Cardholder allocates their charges in Works with accounting codes. Secondly, transactions are electronically routed in Works to cardholder Supervisor to review. And finally transactions are electronically routed to Fiscal Services for final review and export of data for payment to Bank of America for that cycle. • Option 3 • Option for any agency not using standard COV accounting structure. The agency will need to be re-implemented in NEW INSTANCE and new cards issued; OR Agency can use Option 1 or Option 2 until 2011 renewal

  12. On-line Reconciliation • Option 4 • Process remains the same as today with one exception. Fiscal Services will receive logs and be responsible for keying accounting information and other data into Works. Fiscal Services will create an export file to assist in the payment to Bank of America for that cycle. • Option 5 • A standardized data file (mapper) is set-up per the agencies data needs. The mapper can be run on a set frequency (daily, weekly, monthly cycle) to import into the agency ERP, financial system, etc.

  13. Option 1: 402 Marine Resources Commission 735 Wallens Ridge State Prison 741 Red Onion State Prison 922 Sitter Barfoot Veterans Care Center Option 2: 133 Auditor of Public Accounts 199 Dept of Conservation & Recreation 204 College of William and Mary 778 Department for Forensic Science Option 3: No Participants Option 4: 729 Piedmont Geriatric Hospital Option 5: No Participants On-line Reconciliation

  14. On-line Reconciliation • Q & A

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