Budget and Finance Policy and Procedure Office
A Division of The Office of Budget and Finance
A Division of The Office of Budget and Finance
Complete and accurate documentation supports financial integrity, transparency, accountability, and timely processing of University transactions.
This checklist provides a consistent approach to documenting financial activities, including purchases, reimbursements, journal entries, and transfers. It helps employees provide the information needed to establish a clear business purpose, support appropriate review and approval, and maintain reliable financial records.
Use the following questions when preparing or reviewing financial transactions. Documentation should be appropriate to the transaction type and comply with applicable University policies and procedures.
Identify the individuals associated with the transaction.
Documentation Best Practice: Verify that names, roles, and approval responsibilities are accurate and that required segregation of duties is maintained.
Describe the financial activity and provide appropriate supporting documentation.
Documentation Best Practice: Provide sufficient detail for a reviewer to understand what was purchased, reimbursed, transferred, or otherwise recorded.
Document the dates relevant to the transaction.
Documentation Best Practice: Use accurate dates that reflect the actual financial activity and applicable approval requirements.
Identify the responsible University unit and applicable location or financial assignment.
Documentation Best Practice: Use current organizational and accounting information to support accurate financial reporting and recordkeeping.
Explain the University business purpose and how the transaction supports University activities.
Documentation Best Practice: Provide a clear explanation that allows a reviewer to understand the business need without requiring additional clarification.
For example, rather than stating "Supplies needed for work." provide a more specific explanation such as "Laboratory supplies purchased to support undergraduate chemistry instruction during the fall semester."
Document the applicable financial process and required approvals.
Documentation Best Practice: Confirm that the transaction was processed in accordance with applicable University procedures and that required approval records are available for review.
Before submitting or approving a financial transaction, confirm that the applicable documentation elements have been addressed.
Clear documentation supports efficient processing, effective financial oversight, and responsible stewardship of University resources.
Providing complete and accurate information when a transaction is initiated helps reduce follow-up questions, minimize processing delays, and maintain reliable financial records.
This checklist provides general guidance for documenting University financial transactions. Specific documentation, approval, and processing requirements are established by applicable University policies and procedures.
Not every documentation element applies to every transaction. Employees should follow the requirements relevant to the financial activity being performed.
In the event of a conflict between this guidance and an applicable University policy or procedure, the policy or procedure governs.