As we wrap up Ryerson’s first fiscal quarter for the year, we’re sharing a few habits that can help you stay on top of tasks related to cost centres, department budgets or your Ryerson Purchasing Card (P-Card) expenditures.
Even though P-Card statements run on a monthly basis, it’s recommended that you reconcile purchases throughout the month to keep your cost centre accurately updated with your true funds available balance.
Purchases made on your P-Card are directly linked to the Ryerson University Financial Information System (RUFIS), which means you won’t have to manually key-in transaction details. To reconcile your P-Card expenses, log in to RUFIS to clear your transactions for approval.
If you manage a cost centre from which employees are paid, it’s important to reconcile salaries after the last scheduled pay date for each month. Doing so means you can keep an eye on whether your budget is sufficient or if additional funds are required for expenses incurred during that time period.
Whenever you create a purchase order (PO), an encumbrance is generated in the financial system to commit funds to your purchase. Each quarter, be sure to review all your open PO encumbrances. If any goods or services have been fully received and invoiced, please notify your financial advisor or research accounting financial analyst of any POs that can be closed.
You might have more funds to dedicate to a new project or purchase than you realize! Closing PO encumbrances once invoices are paid will help show the true available balance in your budget.
As of September 1, 2019, purchases less than $5,000 CAD must be ordered and paid for using a P-Card, and reconciled in RUFIS. If credit cards are not accepted, try out the self-service invoice (SSI) entry method:
Some exceptions apply when using a P-Card or the SSI entry method for low-dollar purchases.