In the P-Card Solution, the term “dispute” is used differently than it is traditionally used in accounting. A dispute can be as simple as a comment for future reference when the credit for a returned item comes from the bank, or it can be a formal dispute with the bank or supplier.
Marking the transaction as being “in dispute” does not stop the payment process. Even if you do not reconcile the transaction, it will still go through for payment. Therefore, update the comments field regularly so you can keep a history of the dispute. Also contact the supplier and/or bank as soon as you realize there is a problem, so you can receive credit quickly, and keep your paperwork to a minimum.
To Dispute a Transaction: To mark a transaction disputed, click in the box next to the word “Disputed” in the P-Card Transaction Detail window. Although the Comments” field is optional, it is an excellent location to document reasons for disputing transactions or for explaining purchases that may be questioned.
All disputed transactions should still be reconciled and approved. Just remember to take transactions off “dispute” before reconciling or approving.
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You have returned the item and the supplier agreed to send a credit to the bank, or you have exchanged the item and need to track that.
You will use the “dispute” status as a memo to make a note of the fact that there is something unresolved about this transaction. Classify the transaction as being in dispute and enter a short note in the comments area of the P-Card Transaction Detail window indicating that you are waiting for a credit to come from the bank, for the new merchandise to arrive.