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Financial Transactions and Reporting

Financial transactions and reporting help companies track the money coming in and out, manage the debt out of sight, meet tax compliance and more. Financial reporting may not be the most exciting aspect of running http://www.boardroomplace.org/benefits-of-succession-planning/ a company but it’s essential to ensure that everything is accurate and up-to-date.

A financial transaction is an agreement that affects the finances of two individuals or entities. There are four types of financial transactions: payments, sales, and purchases. These types of financial transactions are recorded either using the cash method or accrual accounting. All of these are accompanied by supporting documents.

The process of substantiation is essential for the accuracy of externally audited financial statements and internal management reports. Drexel produces reliable and accurate reports by confirming that transactions are properly documented, recorded, and approved.

In addition to the money involved, financial transactions must be documented with who and when, where and why details. The substantiation procedure ensures that the transaction conforms to federal agency and private sponsor guidelines and also the policies and procedures of the team of research accounting services.

The Kuali Financial System has tools to verify the accuracy of a transaction. This includes a Transaction Detail Report and the Budget Adjustment (BA) report. The BA report shows the pending entries in the General Ledger with dollar amounts indicated with D (debits) or C (credits). The Budget Adjustment Report is also an excellent tool to find unusual activities and reconcile differences between revenue and expenses which are recorded in your department’s expense accounts as well as on the Budget Verification Report.

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