What documentation is required for a GPC purchase transaction?

What documentation is required for a GPC purchase transaction?

• A. A verbal agreement with the vendor
• B. A receipt or invoice showing the transaction details and authorized purchase
• C. An email confirmation from the bank
• D. Only a purchase order

Answer: (B)

The requirement for documentation in a Governmentwide Commercial Purchase Card (GPC) transaction is crucial for ensuring accountability and transparency in federal spending. A receipt or invoice that details the transaction and confirms authorization of the purchase provides a clear record of what was bought, from whom, the amount spent, and the purpose of the purchase. This documentation is essential for audit trails, ensuring that funds are utilized correctly and in compliance with regulations. Maintaining accurate records such as receipts or invoices also supports oversight and can be critical in verifying that the transaction aligns with procurement policies and guidelines. This level of documentation is not just beneficial but mandatory to facilitate proper financial management within the DoD and to meet compliance requirements. It allows for effective tracking of government expenditures and helps mitigate the risk of fraud and misuse of funds.

The requirement for documentation in a Governmentwide Commercial Purchase Card (GPC) transaction is crucial for ensuring accountability and transparency in federal spending. A receipt or invoice that details the transaction and confirms authorization of the purchase provides a clear record of what was bought, from whom, the amount spent, and the purpose of the purchase. This documentation is essential for audit trails, ensuring that funds are utilized correctly and in compliance with regulations.

Maintaining accurate records such as receipts or invoices also supports oversight and can be critical in verifying that the transaction aligns with procurement policies and guidelines. This level of documentation is not just beneficial but mandatory to facilitate proper financial management within the DoD and to meet compliance requirements. It allows for effective tracking of government expenditures and helps mitigate the risk of fraud and misuse of funds.