Prepaid Card - Advance Process

• The charge for Prepaid cards is:
  Single use card    £20
  Reloadable card   £10 plus monthly fee of £3
  ATM withdrawals are charged at £2 per transaction. This is debited from the balance of funds on the card. Please note: Withdrawals in currency will incorporate a small charge within the exchange rate.
   
• Please allow sufficient time prior to your first day of travel when submitting a request for a new card and requisite advance form – Cashiers need a minimum of 7 working days’ notice to issue and load a new card.
   
• For any new Prepaid cards, download and complete the Prepaid card application form.
• Once completed, sign the form, which should be approved, and forwarded to the Cashiers, who will issue the card. Please note, the following methods of approval are acceptable:
  Signed and scanned (copied and pasted signatures are not acceptable)
  Signed using secure electronic signature software. E-Sign is the University's preferred supplier
  Wet signature on original document
   
• Cashiers will then make contact by email to advise when the Prepaid card is ready for collection from the Finance Division, Hythe Bridge Street. The named cardholder should call in person to collect and sign for the card, within 14 days of the email.
   
• Once the new card is received, the cardholder must activate it by contacting Yordex, who will then provide the PIN. The card cannot be used until this has been actioned. In addition, the cardholder should register for online access to the account, which is required in order to monitor expenditure and obtain a card statement for reconciliation purposes. Full information on how to do this is provided with the card.

All previous advances are to be fully cleared before any new request is submitted. Where a reconciliation and a further advance request form is submitted from a cardholder, a minimum of 5 working days is required to complete the reconciliation and action the new request.

All requests to add funds to a pre-paid card should be properly authorised, and sent through to the Cashiers, allowing at least 2 working days for them to load the funds onto the card.

• Complete stage 1 of the Advance Request Form – Cash or Pre-paid Card, ensuring that you include with the following details:
   
  • Advance type – select Cash or Pre-Paid Card as necessary
     
  • Risk and Insurance – complete as necessary and attach evidence (if applicable)
     
  • Advance details – give a brief description of estimated expenditure.
    • Please note - flight and hotel costs should ideally be booked beforehand using the University’s preferred supplier.
  • Reason for advance – 3 notes required:
    • Detailed reason, including purpose and dates of travel;
    • ‘For PRE-PAID CARD’ should be clearly indicated on the form
    • The department cost centre to be charged (e.g. ZT0000)
       
• Once completed, print out and sign the Advance Form, obtain approval from the relevant budget holder (if applicable), then send to your Department Finance Officer/Administrator for final approval. 
   
• When approved, the form should be forwarded to the Cashiers, who will upload funds onto the card. An original, signed form is required, not a scanned copy.

The Advance Request Form – Cash or Pre paid card provides the means to record actual expenditure incurred against an advance, either as the money is being spent, or immediately after the event. As there is a requirement that all advances are fully accounted for, individuals in receipt of advances should ensure that these details are recorded as promptly as possible and supporting receipts retained.

• All expenditure should be in respect of bona fide business expenses, incurred wholly, exclusively and necessarily on behalf of the university.
   
• Expenses incurred using funds provided by means of an advance of expenses must comply with the general rules for expenses as well as specific rules for advances, as defined in the University Expenses Guidance.
   
• The preference is that purchases should be paid for by card. Cash can be withdrawn for small ad hoc purchases, and if you are visiting a cash dependent country. If this is likely to be the case, consideration should be given to mentioning cash handling in your risk assessment, and arranging suitable insurance cover.  Se also the Travelling for Work Guidance for further information.
   
• If cash is required for smaller purchases:
  • Avoid exchanging currency at airports due to the very poor exchange rates
  • Withdraw cash once you arrive at your destination. This will provide you with local currency and mitigate the risks involved in carrying large amounts of cash while travelling
  • Cash withdrawals (ATM) – obtain and retain the withdrawal receipt from the machine as evidence.  This will help to reconcile the withdrawals to the transaction list, and provide the exchange rate required for the reconciliation process.
  • Only withdraw the amount of cash required – the Cashiers can’t exchange leftover coins and certain currency notes back into GBP, so any left-over that can’t be changed will be charged back as a loss to your cost centre.
• Receipts should be obtained as proof of purchase for all expenditure. This is a basic accounting and tax requirement. Claims that are not supported by receipts may be refused and the claimant asked to reimburse the University for the amount unaccounted for.
  • Written or printed receipts providing evidence that specific goods or services have been received and paid for are considered valid for this purpose.
  • Credit Card receipts or copies of credit card/bank statements only are NOT valid receipts for this purpose.
  • Any ‘non-qualifying’ purchases, or amounts not reconciled need to be repaid to the University, otherwise they may be classed as a taxable benefit i.e. subject to Tax and National Insurance via Form P11D.

• Where used for a specific expense, such as travel, the reconciliation should be completed and sent to the Departmental Finance Manager within 1 month of return from travel. It should then be approved and sent to Cashiers.
   
• Where used for departmental expenditure, reconciliations should be completed quarterly as a minimum and sent to the Departmental Finance Manager for approval. The approved advance should then be sent to Cashiers.
   
• All expenditure incurred should be evidenced and justified. Receipts/documents should provide details of the purchase. 

• Any instances where the reconciliation is not received within a reasonable time frame, and after subsequent reminders by the department and/or central finance, may be referred to Payroll and classed as a taxable benefit that is subject to Tax and National Insurance via Form P11D.

• Cashiers will post the original advance request to relevant cost centre or natural account 14100 (Advances General) depending on the nature of the advance
   
• Once the reconciliation has been agreed, Cashiers will post the card balance and any cash returned that has been converted to GBP to the relevant cost centre and natural account 14100 and return the paperwork to the department
   
• Once all transactions above are posted, the cardholder's department should pass a journal from 14100 to the relevant natural accounts/project codes that the expenditure relates to