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General Information

General Information

Purchase transaction information is posted to the web based software, PaymentNet, daily by JP Morgan. Cardholders and/or Approving Officials may view this information 20 hours a day (not available midnight - 4 am to allow JP Morgan to upload and update data) from any computer with internet access.

The posting date is the date the vendor sends the information about the charge or credit to the bank. There may be several days difference between the transaction date and the posting date. Some transactions may be purchased in one billing cycle but not posted to the bank or reconciled until a later billing cycle.

Cardholders must provide the Approving Official with a receipt for each purchase posted during the billing cycle. The Approving Official will verify that the Cardholder has provided a supporting document for each transaction posted during the billing cycle being reconciled. The Approving Official will assign one or more MoCodes and PS Accounts to each transaction. Each transaction may be divided between multiple PeopleSoft MO Codes and PeopleSoft Accounts. When all posted transactions have been reconciled, the Approving Official must print a Statement of Account (PeopleSoft) Report for that billing cycle. Each Statement of Account (PeopleSoft) Report must be signed by the cardholder and the Approving Official, then submitted to the Imaging SystemSubmission may be via fax or by email. A copy of the report and all receipts will be kept by the user department. Receipts and supporting documents must be kept for 5 years or for purchases paid by grants, 5 years from the end of the grant.

Procurement Operations personnel reviews the Cardholder Statement of Account (PeopleSoft) Report.

Please note that the University is dependent upon the vendor to process the transaction before the transaction is available for reconciliation. While most transactions are processed by the vendor promptly, some vendors may delay in the sending the transaction information to the bank. The vendor is not paid until the transaction has been processed by the bank, so it is in the best interest of the vendor to process the transaction promptly. However, if funding from a grant or contract is used to pay for transaction(s), the cardholder and person responsible for reconciling should keep this information and the reconciliation/upload schedule in mind when deciding what method should be used to make a purchase. If a transaction has not posted in what the cardholder deems is a prompt time frame, the cardholder should contact the vendor to find out when the transaction will be processed with the bank.


Summary of Responsibilities
  • Make purchases in compliance with the University of Missouri Purchasing Card Policy Manual
  • Provide receipts for all purchases to Department
  • Verify all transactions were University purchases and purchase information is correct
  • Sign Statement of Account (PeopleSoft)
  • Keep purchasing card in a secure location
  • Report purchasing card lost or stolen immediately (to JP Morgan, Department, and Operations)

Cardholder's Department

Approving Official(s)
Editor(s) or other designess

  • Verify all transactions are University purchases
  • Review and reconcile all transactions (Correct MoCode and PS Account, document transactions per Policy Manual)
  • Confirm receipts for all transactions
  • Obtain Statement of Account-PeopleSoft report, acquire Cardholder and Approving Official signatures, and submit to Supply Chain Operations by monthly deadline (10th)
Supply Chain Operations
  • Verify all transactions have been reviewed
  • Verify all Statements of Account-PeopleSoft have been signed and received
  • Assist in processing upload to PeopleSoft


What is a MCC Code?

MCC or Merchant Commodity Code is a four digit code assigned to every supplier that accepts MasterCard. The bank that processes the supplier's charge card charges assigns the MCC Code to that supplier. The University or Procurement Operations has no control over what MCC Codes are assigned to suppliers. Each vendor is assigned only one MCC Code. An example: Wal-Mart may be assigned the MCC Code # 5411 Grocery Stores, Supermarkets.

For every transaction or purchase, the MCC Code of the supplier is compared to the list of authorized MCC Codes for the Purchasing Card being used. If a supplier has a MCC Code that is not included as an authorized code, the transaction will be declined.

MCC Codes and card limits provide the University and the Cardholder additional security that the purchasing card will not be misused.

Users are assigned the MCC Group that best relates to their needs as a purchaser.


What is the AP/PO Quick Reference Guide?

The University primarily makes payments through one of two systems - Payroll and Accounts Payable. This guide provides general information and guidance on how the University purchases and pays for various goods and services. For more specific guidance on the appropriateness or approval steps necessary please refer to the University Business Policy and Procedure Manual or contact the Procurement Operations Department or your campus Accounting Office. (AP/PO Quick Reference Guide)


Limits and Controls

Departments can set limits on each individual card for:

  • Amount of each single transaction (maximum of $5,000)
  • Amount of all transactions per billing cycle (monthly limit)
    • Requests for limits greater than $15,000 must be accompanied by a letter, signed by the approving official, stating the specific business need for the high limit.
    • Card limits refresh at the beginning of a billing cycle.  This refresh typically happens on the 25th day of the month as the end of the cycle is on the 24th. EXCEPTION: If the 24th falls on a weekend or holiday the cycle will end on the following business day.

Reviewed 2019-08-05

Finance Support Center
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