Volopay - Virtual Credit Card Procedure

Finance > Volopay - Virtual Credit Card Procedure

Authorised by Corporate Services Manager

Issue Date: 31 March 2025

This procedure explains the activation and use of virtual credit cards assigned to individual staff and the process for approvals and reconciliation with the accounting system. Volopay is the current provider.

Please refer to the Delegation of Authority schedule for applicable spending thresholds.

Types of Virtual Cards

Perpetual Card

The card can be set to a specific amount each month as requested by the manager. This card will reset to that amount at the beginning of each month.

Or

Specific Purpose Card

The card if specified by the manager will be set at a $1 limit to be increased as requested by the manager and set to reset to $1 at the beginning of each month.

Under no circumstances is a staff member to give access of their card to another staff member.

Activation and use

A manager will make a request in writing for the issue of a card for a staff member. The request will include the value to be assigned per month as per the options above.  This request must be received by the CEO, CSM or Finance Manager.

To Invite a staff member to Volopay

•      Manage/Users/Invite people/Invite via mail/Member/enter Kyeema email address, department, location is Australia/Invite

A card cannot be created until the Invite process is completed.

The staff member needs to follow FF-05 VOLOPAY – How to set up your new virtual card to set up the virtual card on their own phone.

Approvals

Managers are responsible for approving all transactions as per the table below, within the limits as per the delegation schedule and keeping in line with the financial controls policy.  The approval process includes checking a receipt is attached. Transactions need to be checked and approved at least twice a month so that all transactions for the month are completed by the second working day of the following month. Reminders will be sent out at the start of each month for the previous month to prepare for syncing with the accounting system.

A cross over of departments. Purchases that apply to a different department or to multiple departments cause a cross over as each staff member can only be assigned one department. When this cross over occurs, the manager of the assigned department needs to confirm with department manager which the purchase relates to, put a note in the memo and then approve the purchase.

When a manager is away for an extended period. Allocation and approval permissions can be given to a chosen staff member, as designated in an email from the manager prior to the leave commencing.

Purchases made in error.  These still need to have a receipt attached and approval made, as the transaction has still gone through Volopay and needs to be reconciled.  Please notify finance and note in the memo how this will be reimbursed.

Reconciliation process

All transactions need to be Approved and then Verified before they can be Synced (Uploaded to MYOB)

Prior to commencing any reconciliation, go through the transactions for the current month to be synced and email staff members of any missing receipts, include the approver of the transaction in the email to know they will need to approve it.

•      Cards/Overview and then filter as required

The reconciliation process can be completed throughout the month but must be processed in full by the start of the second week of each month.

When reconciling transactions only process approved transactions.

•      Accounting/Cards and then filter as required

For each transaction, open and check the receipt and then allocate the “MYOB category”, the “MYOB General Ledger classification” and the “MYOB tax codes”.  Once all allocations are completed, verify the transaction.

Once you have verified all the transactions.  Select each transaction using the tick box to the left and then sync all transactions.

Confirm the total of the transactions for the month in MYOB equals the total of the transactions for the month in Volopay.

Fraudulent Activity

If a card is hacked by a fraudulent person, the virtual card in question is to be frozen immediately. The hacker will use a legitimate business name so block that business to avoid any further attempts. If the fraudulent transaction is successful, take a snip of the transaction details and send to Volopay to claim a refund. Remove the app from the cardholder’s phone.

Related Policies, Procedures and Documents

Financial Controls Policy and Procedure

VOLOPAY – How to set up your new virtual card FF-05

Volopay Missing Receipt FF-08