Stanford’s policy for Travel Cards and Purchasing Cards requires transactions to be verified and approved within 60 days of the completion of travel (for TCards) or the SU Credit Card Posted Date (for PCards). Advances must be cleared or returned within 60 days of their expected clearing date. Clearing transactions and advances in a timely manner protects the university from risk and reflects good financial stewardship.
Financial Management Services will send an FY21 aging transactions report listing uncleared aging transactions (that are 60 days or older) for active employees to budget units by July 23, 2021. Departments must clear the aging transactions listed on the report by August 11, 2021. In September, FMS will force clear any remaining transactions aged over 60 days to the card’s guarantee PTA (for PCards and TCards) or to the org’s AP Default Account (for Advances). Budget units will be charged $35 for each transaction that is force cleared.
After September, FMS will force clear aging transactions quarterly, charging a $35 per transaction fee. For FY22 deadlines and reminder dates, see the Aging Transactions Clearing Deadlines calendar on this page.
When an expense is force cleared, retain receipts (or explanations for the lack of receipts) and the business purpose for the expense locally, and ensure that documentation is readily available for audit per Admin Guide 3.1.5 Retention of Financial Records, as the failure to process the transaction centrally means the local department is responsible for record retention. Additionally, if the PTA or expenditure type to which the transaction was force cleared is incorrect then it must be reallocated to an appropriate PTAE using iJournals.
This calendar contains the important dates and deadlines to clear aging transactions. If necessary, FMS will force clear Advances to the org’s Accounts Payable (AP) Default PTA, and clear PCard and TCard transactions to the card’s guarantee PTA, charging a fee for each transaction they clear.
Along with the per-transaction fee, FMS will suspend PCards and TCards whose transactions must be force cleared after each quarter. Force clearing also triggers a tax reporting expense, which may have personal financial consequences for the payees.
FY22 Aging Transactions Clearing Deadlines
|When PCard, TCard, or Advance aging begins*||FMS sends reminder to Deans about approaching deadline; departments review aging reports||Deadline for departments to approve transactions||FMS clears remaining uncleared transactions from report and charges fees ($35 per transaction line)||Date departments can run Force Clear Report (to see what was force cleared)|
|09/01/2021 through 11/30/2021||01/19/2022||02/02/2022||02/04/2022; posted to FEB-2022||03/02/2022|
|12/01/2021 through 02/28/2022||04/20/2022||05/04/2022||05/06/2022; posted to MAY-2022||06/01/2022|
|Through 05/31/2022||07/20/2022||08/03/2022||08/05/2022; posted to AUG-2022||08/31/2022|
|Through 08/31/2022||10/19/2022||11/02/2022||11/05/2022; posted to NOV-2022||11/30/2022|
*Note: PCard starts aging on posted date, TCard starts aging on posted date if there is no expense end date, and Advance aging begins with the expected clearing date.