Balances in PCard Clearing Account (61206)
A university-wide review of the PCard clearing account (61206) in the General Ledger reveals that funds across many college/departments continue to show balances from FY19 activity. These balances represent unreconciled transactions on PCards assigned to the college/department units.
One of the responsibilities associated with maintaining a PCard is the regular reconciliation and clearing of all activity posted to account 61206. All charges posted to this account must be reallocated to the appropriate expense account in order to satisfy the university's external reporting requirements.
If a chartfield combination in your unit has an unreconciled balance, you must clear this balance by posting a journal entry crediting account 61206 and debiting the appropriate expense account. Additional detail on these charges can be obtained by running the PCard Reconciliation Report (APU128DW) in the eReports portal.
It is critical that all charges in the PCard clearing account be reallocated to the appropriate expense account by fiscal year end. The PCard Office will continue to monitor account 61206 to ensure that charges are being cleared.