What does the monthly statement reconciliation process verify?

The monthly statement reconciliation process primarily verifies that purchases made with the Governmentwide Commercial Purchase Card match receipts and are properly documented. This process ensures that each transaction is accounted for and that the appropriate documentation, such as invoices or receipts, is collected and maintained. This verification is crucial for maintaining accurate financial records and for compliance with federal regulations, as it helps to confirm that the purchases were authorized and serve a legitimate government purpose.

Having documented receipts allows auditors and financial managers to trace purchases back to the responsible cardholder and the intended use, ensuring accountability and transparency in government spending. This process ultimately contributes to the integrity of financial management within the DoD and helps prevent errors, fraud, or misuse of government funds.