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Finance Reviews

What is a review?

The term review is: "an evaluation of metrics and performance over a previous period". Today, it means a department will review transactions that meet certain business rules, as well as some additional transactions selected via random sampling.

Virginia Tech is no longer requiring traditional reconciliations to be performed and is now taking a risk-based approach by implementing reviews. A department/ organization can review all transactions if desired, however, the required review covers a large majority of the dollars. The Controller's Office is only requiring the flagged transactions to be reviewed.

What reporting tools are available?

FINTRACS

FINTRACS takes a risk-based approach, utilizing business rules to determine which specific transactions are required for review each month and eliminates required review of all transactions. However, the tool also allows for review of all transactions, if desired by a department.

FINTRACS will populate all transactions for the month. Transactions flagged by the business rules will be marked for review daily, and a random sample of un-flagged transactions will be marked at the end of each month for review.

Review can be performed throughout the month or within 30 business days after the final day of the month.

Transactions marked for further review are carried forward to the following month for future resolution.

For example, September reviews must be completed by October 31st. Corrections must be completed within 60 days from the posting of the original transaction.

When an outstanding transaction is flagged for review/correction from the previous month, the transaction must be reviewed again to verify resolution. Once resolved, the transaction will no longer roll forward.

What training is available?

To learn more about FINTRACS explore the training options below.

Self-paced, on-demand FINTRACS training
Find answers to FINTRACS common inquiries

FINTRACS Reference Manual

Policy 3100: Fiscal Responsibility

Procedure 10305a: Review of Financial Activities

MicroStrategy

You may also need MicroStrategy Reports for additional financial reviews such as communicating Research fund balances to Principal Investigators. Reports could include the Fund by Account, Transaction Detail, or the Snapshot by Organization. Help directions by report and topic can be found using the links in the resource section below:

MicroStrategy Frequently Asked Questions can be found on the Controller's Website