FAQ: Managing Your Aging and Force Cleared Transactions
To reduce the amount of aging Purchasing Card (PCard), Travel Card (TCard) transactions, and advances on Stanford’s financial statements, Financial Management Services (FMS) launched a quarterly clearing process in FY22. Clearing transactions and advances in a timely manner protects the university from risk and supports good financial stewardship.
Here are answers to common questions around how aging transactions are cleared and managed.
1. When must transactions or advances be verified or approved?
2. What happens if they are not verified or approved by the 60-day deadline?
Any PCard or TCard transactions or advances aged over 60 days by the next approval deadline could be force cleared by FMS, and budget units would be charged $35 per transaction. Force clearing also triggers a tax reporting expense, which may have personal financial consequences for the payees.
The next deadline for departments to approve transactions is May 4, 2022. FMS will send a reminder to all school/unit deans prior to force clearings. For details, as well as the FY22 clearing schedule, view Policy: Clearing of Aging Transactions.
3. How do you track aging transactions and what should you do when they are force cleared?
The Expense Requests and SU Card Activity OBI Dashboard is your go-to tool for identifying and monitoring your department’s aging transactions. With this dashboard, you can run reports on aging credit card transactions, aging expense requests or aging advances.
If your aging transactions have been force cleared, follow these steps:
- Identify your force cleared transactions with the appropriate OBI report.
- Determine what is owed to Stanford for personal expenses and collect.
- Create and store documentation set.
- Use iJournals to move charges to an appropriate PTAE if needed.
For detailed instructions, please view “What To Do After a Transaction is Force Cleared: Best Practices” in the Force Clearing of Aging Transactions section of Topic Overview: Managing Aging and Outstanding Expense Transactions.
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