What You Should Know
The first level of financial review occurs at the transactional level when the transaction is initiated and reviewed by the appropriate individual(s). Transactions may include purchase orders, non-P.O. payment requests, Concur expense and statement reports, exception vouchers, and journals. By following the transaction review steps below during the approval process, departments should not need to re-review each transaction again at the end of month.
Guidelines for Review
- The transaction is necessary to achieve a particular business objective.
- The transaction is appropriate, i.e., suitable or fitting, for the particular business purpose and nature of the funding source.
- The transaction is reasonable and reflects a prudent decision on behalf of the University
- The transaction is allowable per University policy and federal regulations in the case of sponsored research.
- The transaction is sufficiently substantiated with appropriate documentation that supports the transaction which may include bids/quotes, invoices, receipts, and/or supporting calculations, and a clear explanation of the purpose of the transaction.
- The chartstring coding is accurate relative to the responsible organization, nature of the funding source, and classification of accounts.
- The transaction is compliant with University policies and any applicable laws and regulations.
- The approver has the appropriate authority to approve the transaction.
Who is responsible for Transaction Review?
Each transaction is routed to the appropriate approver either electronically through workflow or manually in the case of exception vouchers. The approver is responsible for ensuring that the transaction is reasonable, appropriate, necessary in order to meet a valid business purpose, and correctly entered and coded.
Additional reviews occur during the Financial Review process utilizing the appropriate financial reports.