Which of the following is a responsibility of a Cardholder in the Governmentwide Commercial Purchase Card Program?

Which of the following is a responsibility of a Cardholder in the Governmentwide Commercial Purchase Card Program?

• A. Initiate contracts with suppliers
• B. Reconcile the monthly Statement of Account
• C. Approve vendor registration
• D. Set budget limits for spending

Answer: (B)

In the Governmentwide Commercial Purchase Card Program, one key responsibility of a Cardholder is to reconcile the monthly Statement of Account. This involves reviewing transactions made during the billing period to ensure accuracy and to confirm that all purchases were made in compliance with regulations and policies. The reconciliation process helps maintain financial accountability and supports proper record-keeping within the government’s financial system. By regularly comparing the statement with receipts and purchase records, Cardholders can verify that the charges are correct, identify any discrepancies, and address potential issues promptly. This process is crucial for maintaining transparency and for tracking government spending effectively. The other responsibilities mentioned, such as initiating contracts with suppliers, approving vendor registration, and setting budget limits, typically fall outside the purview of a Cardholder and are managed by other designated personnel within the organization, such as procurement officers or financial managers. Thus, the reconciliation of the Statement of Account stands as a core duty that ensures compliance and protects against misuse of the GPC.

In the Governmentwide Commercial Purchase Card Program, one key responsibility of a Cardholder is to reconcile the monthly Statement of Account. This involves reviewing transactions made during the billing period to ensure accuracy and to confirm that all purchases were made in compliance with regulations and policies. The reconciliation process helps maintain financial accountability and supports proper record-keeping within the government’s financial system.

By regularly comparing the statement with receipts and purchase records, Cardholders can verify that the charges are correct, identify any discrepancies, and address potential issues promptly. This process is crucial for maintaining transparency and for tracking government spending effectively.

The other responsibilities mentioned, such as initiating contracts with suppliers, approving vendor registration, and setting budget limits, typically fall outside the purview of a Cardholder and are managed by other designated personnel within the organization, such as procurement officers or financial managers. Thus, the reconciliation of the Statement of Account stands as a core duty that ensures compliance and protects against misuse of the GPC.