Learn about P-Card Hard Close Dates and Monthly Audit Process
Policy, Training & Related Pages
Learn about the Purchasing Card (P-Card) hard close and monthly auditing process and view a list of P-Card hard close dates for Columbia University.
The P-Card Team conducts a “hard close” of all P-Card transactions once per month, generally one day before the last business day of the month. We are required to conduct the Hard close to:
- Account for all transactions within the fiscal period in which the transaction occurred.
- Provide supporting documentation of payment to the P-Card provider.
Every month, the P-Card hard close is conducted as follows:
- Two weeks before the hard close deadline, users are notified by the P-Card Team of the date and time of the scheduled hard close. If not yet completed, Users are instructed to reconcile and approve all transactions for the current billing period. Note: Approved transactions with no errors will post to the financials on a nightly basis. We recommend that Reconcilers and Approvers reconcile and approve on a weekly basis.
- On the day of the hard close, the P-Card Team must review all “staged” and “verified transactions. Any transactions with errors or allocated to a sponsored project will be allocated to the default chart string associated with the P-Card.
- The P-Card Team will place all transactions in an “Approved” status and will process the batch.
- Vouchers are posted to the Financials.
After completion of the P-Card hard close, the P-Card Team is prepared to conduct the monthly audit of P-Card transactions.
Details
- P-Card activity runs on a monthly billing cycle similar to that of a regular credit card. The monthly billing cycle for all P-Cards is the 23rd of one month to the 22nd of the following month.
- In order to account for all transactions within the fiscal period in which the transactions occurred, the P-Card Team has established a monthly hard close schedule for posting to the Financials. Typically, the hard close of all P-Card transactions is conducted approximately one day before the last business day of the month at 4:00 pm. All transactions that have been billed during the prior billing period, regardless of the transaction status, will be posted to the Financials.
- Cardholders are responsible for making sure that all P-Card transactions are Reconciled and Approved in accordance with the deadlines. Failure to meet these deadlines will subject the Cardholder/Reconciler to the monthly review and audit process.
- If a Cardholder/Reconciler is out sick or is planning vacation during the hard close period, they should contact their DPAD and have an alternate Reconciler assigned to the P-Card so that someone else can reconcile their transactions.
A monthly review and audit for all P-Card transactions is conducted by the P-Card Team. The review includes the following:
- Cardholder and Approver sign off prior to the hard close deadline
- Complete business purpose is required for every transaction (i.e., cards with food and hotel privileges)
- Receipt is attached for all transactions
- Use of the P-Card for a restricted purpose
- Use of the P-Card for a split transaction
Repeat offenders will have their P-Card suspended and/or revoked. Additional audits will be conducted as necessary.
Thursday, May 28th, 2026 at 4:00 pm. All P-Card transactions with an ARC billing date of May 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by May 25th, 2026.
Friday, June 26th, 2026 at 3:00 pm. All P-Card transactions with an ARC billing date of June 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by June 24th, 2026.
Thursday, July 30th, 2026 at 4:00 pm. All P-Card transactions with an ARC billing date of July 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by July 24th, 2026.
Friday, August 28th, 2026 at 4:00 pm. All P-Card transactions with an ARC billing date of August 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by August 24th, 2026.
Tuesday, September 29th, 2026 at 4:00 pm. All P-Card transactions with an ARC billing date of September 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by September 24th, 2026.
Thursday October 29th, 2026, at 4:00 pm. All P-Card transactions with an ARC billing date of October 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by October 26th, 2026.
Wednesday, November 25th, 2026, at 4:00 pm. All P-Card transactions with an ARC billing date of November 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by November 23rd, 2026.
Tuesday, December 29th, 2026, at 4:00 pm. All P-Card transactions with an ARC billing date of December 22nd, 2026 must be reconciled and approved. All transactions for this billing date will be available in ARC by December 24th, 2026.
As a reminder, P-Card reconcilers are encouraged to complete their reconciliation/sign-off on a daily and/or weekly basis, to ensure the P-Card approvers will have a sufficient amount of time to review and approve the transactions prior to the hard close Date.