Financial transaction management8/28/2023 This may occur at more than one stage of a financial process. Setup of basic vendor, customer, or employee information in a financial system and verification (review) of the data’s accuracy.Ĭustomer, vendor, or employee account set-up, which includes account number assignment, contact, and other information. For more information about financial accountability, refer to the “ Understanding Financial Accountability Guide."Ī specific financial process may be composed of some or all of the following activities, or stages: Transaction This is usually done by indicating approval through a signature on a form or an on-line approval captured in an automated financial system.An individual usually receives a formal delegation of authority to perform a transaction process control procedure and, upon successful completion of the procedure, is expected to document his or her accountability.For more information about separation of duties, refer to the “ Understanding Separation of Duties Guide.”.A control procedure is effective only if there is adequate separation of duties between individuals performing the different control responsibilities in the process.A control procedure may be performed by either an individual or as part of an automated process within a financial system.Control procedures help an organization achieve its mission and strategic objectives by ensuring resources are effectively collected and used, and accurately accounted for.Financial Information System (FIS Banner)Ī financial transaction control is a procedure that is intended to detect and/or prevent errors, misappropriations, or policy non-compliance in a financial transaction process.
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