SWAP Improves Transaction Accuracy and Visibility
Reviewing and approving transactions in SWAP* during the month is the best way to avoid cost transfers and ensure timely and accurate posting of transactions to the general ledger.
How often should I review and approve transactions in SWAP?
As a best business practice, departments should log into SWAP (via YAMS) routinely during the month and certainly prior to the month-end deadline. (NOTE: This month’s deadline is Tuesday, September 5th, 3pm.)
Why is this important?
Frequent, mid-month reviews of transactions in SWAP help prevent using the default PTAEO during end-of-month processing which can lead to unnecessary cost transfers later. In addition, SWAP review and approval is necessary to ensure that transactions post accurately to the general ledger. Finally, waiting until the very end of the month delays the appearance of transactions on financial statements diminishing the visibility of important financial data for account holders.
What impact will the new Expense Management System (EMS) have on SWAP?
Once Yale Purchasing Cards are managed through the Expense Management System (EMS), SWAP is no longer needed. Until departments are fully implemented in EMS, review and approval of Purchasing Card transactions in SWAP on a timely basis is extremely important.
Who can I contact for assistance?
If you need any assistance accessing SWAP or attending to your transactions, please contact the Purchasing Card office at 432-3227 or via email at firstname.lastname@example.org.
*Simple Web Allocation process (SWAP) provides departments with a powerful tool to review Yale Purchasing Card transactions, adjust PTAEOs and split expenses across accounts prior to their posting to the general ledger.