What documentation should a cardholder retain for each transaction made with the GPC?

The correct answer emphasizes the importance of retaining receipts, invoices, and relevant purchase documentation for each transaction made with the Government Purchase Card (GPC). This practice is essential for multiple reasons. First, maintaining proper documentation supports accountability and transparency in government spending, ensuring that all purchases are justified and compliant with regulations.

Having receipts and invoices provides a clear record of what was purchased, how much was spent, and from whom the goods or services were acquired. This not only helps in tracking expenditures but also aids in the reconciliation process during audits or reviews, allowing the cardholder to verify that all transactions align with what was authorized and budgeted.

Relevant purchase documentation may also include justifications or approvals for the expenditures, which are crucial for maintaining compliance with federal procurement regulations. These records help to safeguard against misuse of government funds and ensure that cardholders are adhering to the guidelines set out for acceptable purchases.

In contrast, options suggesting less rigorous documentation fail to meet the standards needed for accountability, oversight, and compliance, which are critical in federal purchasing systems. Verbal confirmations do not provide a verifiable trail of transactions, while ignoring documentation entirely undermines the integrity of the procurement process. Therefore, retaining comprehensive documentation is a fundamental requirement for GPC cardholders.