How often must GPC transactions be reconciled?

How often must GPC transactions be reconciled?

• A. Weekly
• B. Monthly
• C. Quarterly
• D. Annually

Answer: (B)

GPC transactions must be reconciled monthly to ensure accuracy and accountability in the use of government funds. This monthly reconciliation process involves reviewing transactions to confirm that all purchases are legitimate, properly authorized, and adequately documented. It helps in identifying discrepancies, mitigating the risk of fraud, and ensuring compliance with applicable regulations and policies. By reconciling transactions every month, cardholders and their approving officials can promptly address any issues that arise, such as incorrect charges or missing documentation, thereby maintaining a high standard of financial integrity and oversight. This frequency is crucial for managing the government’s funds effectively and safeguarding against mismanagement or abuse of the GPC system.

GPC transactions must be reconciled monthly to ensure accuracy and accountability in the use of government funds. This monthly reconciliation process involves reviewing transactions to confirm that all purchases are legitimate, properly authorized, and adequately documented. It helps in identifying discrepancies, mitigating the risk of fraud, and ensuring compliance with applicable regulations and policies.

By reconciling transactions every month, cardholders and their approving officials can promptly address any issues that arise, such as incorrect charges or missing documentation, thereby maintaining a high standard of financial integrity and oversight. This frequency is crucial for managing the government’s funds effectively and safeguarding against mismanagement or abuse of the GPC system.