A swept charge is an expense that is posted against a secondary cost object when a transaction is not processed within 21 calendar days. The secondary cost object or default account is the back-up account provided by the credit card holder on the ProCard application.

Receipts and back-up documentation are required in order to transfer a swept charge off of the back-up discretionary account onto the appropriate cost object.

Be mindful of charges that are scheduled to be swept on weekends, holidays and special closings and plan accordingly - submit early to prevent swept charges.

Processing ProCard charges:

1. Charges from the bank appear a few days after a purchase is made. 
2. An auto-notification from the system is sent to the cardholder with a subject line:  Verify MIT Credit Card Charge providing all the details on the transaction which hit the system.
3. Once a transaction appears from the bank, FAIIs and the appropriate AA can see the transaction and begin the process of reconciling it to the correct account.
4. Charges remain in the FAII and AA inbox for 21 days. 
5. If receipts are not provided within 21 days from the date the transaction hits the card, the charge will be swept.
6. It is best practice and a CSAIL requirement for ProCard holders to submit receipts within 14 days from the posting of the costs. This allows sufficient time for review in case additional information is needed, such as when a transaction is returned to the submitter with comments, or to obtain required approvals. For example, if proper justification for an expense is missing, it needs to be addressed promptly.

7. Auto-notifications from the system are sent to the cardholder with the subject line: 

   MIT Credit Card Sweep Process  warning that 
   Following parked documents will get swept: Parked Document: XXXXXX in XX days.

8. FAIIs also regularly send out e-mail reminders to ProCard holders to prevent swept charges.
9. FAIIs are required to review submitted receipts within two business days of submission if the receipts are uploaded within 14 days after the charges hit the system. 
10. After 21 days, the charges are swept to a default discretionary account.
11. Once a swept charge hits the PI discretionary account the fiscal team, in close collaboration with AAs, identifies where the charges need to be moved.
12. Auto-notifications from the system are sent to the cardholder with the subject line: 
    
    MIT Credit Card Sweep Processlisting the following details 
    Following parked documents got swept: 
    Parked Document: XXXXX
    Card Number: XXXXXX 
    Card holder Name: XXXX
    
    Date of the purchase XX/XX/20XX
    Vendor Name: XXXX 
    Address: XXXXX 
    Amount: $XX.XX
     
13. When an expense sweeps, the FAII contacts the cardholder and/or the AA to submit the back-up receipts for processing. Receipts and back-up documentation are still required to transfer the expense from a back-up account to the appropriate cost object.
14. Once the FAII receives the receipts, they submit them to the assigned FC/FO/SFO or Manager for Fiscal Administration for review and approval.
15. The Manager for Fiscal Administration, SFOs, FOs, and FCs must review and approve them within 2 business days.
16. The Fiscal team conducts a monthly review and reconciliation of all expenses (FRC Review). During time, they flag any swept charges and follow up with AAs to request receipts.
17. If the receipt is received within 30 calendar days, the FAII submits a journal voucher to transfer the expense.

Internal Guidelines for Swept Charges:

• Once an expense sweeps, the cardholder and/or AA must submit the receipt(s) within 30 calendar days so that the FAII can move the expenses to the appropriate cost object(s). The swept expense cannot be moved after 30 days.
• An email warning is sent by FAII to the PI, cardholder, and AA after the first swept charge.
• If the receipt(s) for the swept charges have not been submitted within 30 calendar days, the FAII will move the expenses to the PI’s discretionary account, depending on whom the swept charges belong to, if different from the default account associated with the ProCard. This is due to a system limitation which allows only 1 default account to be associated with a ProCard. For example, if it is a ProCard under an AA name and an AA supports multiple PIs.
• If a cardholder has more than 2 swept charges the ProCard usage will be suspended with a warning notice to the user and direct supervisor. The individual would then be required to submit RFPs for any future purchases.

If you have any questions, please don’t hesitate to contact the FAII team and the Manager of the Fiscal Administration for assistance.