What is the purpose of the GPC transaction log?

What is the purpose of the GPC transaction log?

• A. To document employee performance
• B. To maintain a detailed record of all purchases made with the GPC
• C. To manage vendor relationships
• D. To record lapses in budget

Answer: (B)

The purpose of the GPC transaction log is to maintain a detailed record of all purchases made with the Governmentwide Commercial Purchase Card (GPC). This log serves as an essential tool for accountability and compliance within the procurement process. It provides a comprehensive record that can be reviewed and audited, ensuring that all transactions are documented and can be easily traced. This is crucial for adhering to regulations and guidelines established for the use of GPCs, as it helps in monitoring spending, verifying proper use of the card, and facilitating budget management. Accurate transaction logs also assist in identifying patterns in spending, making it easier to manage resources efficiently and prevent misuse of the card. This comprehensive documentation is vital for ensuring transparency and supporting fiscal responsibility within government departments.

The purpose of the GPC transaction log is to maintain a detailed record of all purchases made with the Governmentwide Commercial Purchase Card (GPC). This log serves as an essential tool for accountability and compliance within the procurement process. It provides a comprehensive record that can be reviewed and audited, ensuring that all transactions are documented and can be easily traced. This is crucial for adhering to regulations and guidelines established for the use of GPCs, as it helps in monitoring spending, verifying proper use of the card, and facilitating budget management.

Accurate transaction logs also assist in identifying patterns in spending, making it easier to manage resources efficiently and prevent misuse of the card. This comprehensive documentation is vital for ensuring transparency and supporting fiscal responsibility within government departments.