A best practice calls for Cardholders to reconcile transactions in the Statement of Account within how many days of the billing cycle end date?

A best practice calls for Cardholders to reconcile transactions in the Statement of Account within how many days of the billing cycle end date?

• A. 1 day
• B. 3 days
• C. 5 days
• D. 7 days

Answer: (B)

The best practice for Cardholders to reconcile transactions in the Statement of Account within 3 days of the billing cycle end date is effective for maintaining accurate records and ensuring compliance with accountability standards. This timeframe allows Cardholders to promptly address any discrepancies, validate purchases, and ensure that all transactions align with their intended use of the Governmentwide Commercial Purchase Card. Reconciling within this period helps to identify issues early, such as errors or unauthorized transactions, and allows for timely corrective actions. Additionally, this practice minimizes the risk of late submissions or errors in reporting, which can lead to complications within the purchasing process and potential audits. The 3-day guideline strikes a balance between allowing Cardholders sufficient time to review their statements while still promoting prompt action, thereby supporting the integrity and efficiency of the procurement process.

The best practice for Cardholders to reconcile transactions in the Statement of Account within 3 days of the billing cycle end date is effective for maintaining accurate records and ensuring compliance with accountability standards. This timeframe allows Cardholders to promptly address any discrepancies, validate purchases, and ensure that all transactions align with their intended use of the Governmentwide Commercial Purchase Card.

Reconciling within this period helps to identify issues early, such as errors or unauthorized transactions, and allows for timely corrective actions. Additionally, this practice minimizes the risk of late submissions or errors in reporting, which can lead to complications within the purchasing process and potential audits. The 3-day guideline strikes a balance between allowing Cardholders sufficient time to review their statements while still promoting prompt action, thereby supporting the integrity and efficiency of the procurement process.