- FINANCIAL TRANSACTION CODE
- FINANCIAL TRANSACTION PROFESSIONAL
Does the transaction seem reasonable and appropriate?. Is the transaction allowed by University specific policies and procedures?. Has the initiator attached all appropriate documentation including receipts and proof of payment when necessary?. You should ask yourself these questions when approving transactions in workflow. Timely recorded – the transaction date is accurate. Supportable – the amount of goods or services received or provided, or the justification for adjustment is consistent with supporting documentation, standard, situation, or practice. Accurately recorded – the amount is consistent with value received, provided, or adjusted for and is free from accounting coding or arithmetic errors. Funded – there is sufficient funding to cover expenses or the results of an expenditure adjustment. Reasonable – a fair amount is recorded as being paid, received or adjusted for. FINANCIAL TRANSACTION PROFESSIONAL
Valid – the transaction is allowed by policy, law, contractual agreement, and/or professional standard. Appropriate – the transaction directly relate to achieving the mission of the University. The following guidelines should be used as a tool to help ensure a thorough review. A conflict of interest would arise if an employee made purchasesįrom someone with whom they have a personal or financial relationship.Īs an individual involved in approving financial transactions, you are responsible for confirming that the transaction is in accordance with University policies and procedures. 
It is important to be vigilant, not just for conflict of interest, but also the perception of a conflict of interest. Is the purchase for the personal benefit of any person? The purchase is done in an above-board manner assuring the best price has been obtained fairly and legally. Departments are encouraged to use established University contracts to ensure purchases are made in such a manner. Is this purchase for the University's benefit?
FINANCIAL TRANSACTION CODE
University staff members are expected to comply with all University of Iowa Purchasing Policies, Board of Regents and State of Iowa policies including the Regents Code of Business and Fiduciary Conduct Is there a valid business justification for the purchase?
Whether you are an initiator, requester, approver, end user, receiver, or reconciler you should be asking yourself.
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