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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.
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 unflagged 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.
Find answers to FINTRACS common inquiries
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
What training is available?
To learn more about MicroStrategy complete the following training:
Questions to Ask yourself:
Do departmental procedures ensure a monthly reviews are completed, are comprehensive, and timely?
Is the supporting documentation comprehensive and adequate?
Is the review effective and timely?
Are records maintained in accordance with guidelines?
Are record maintenance requirements clearly established and the responsibility communicated?
All university policies are found on the policy library
Policy 1040: Reporting and Investigating Suspected Fraudulent Activities
Policy 2000: Management of University Records
Policy 3020: Centers and University Institutes: Financial and Administrative Policy and Procedures
Policy 3100: Fiscal Responsibilities
Policy 3400: Administration of Privately-funded Scholarships
Policy 3615: Electronic Delivery of Wages, Salaries, Reimbursements, and Refunds
Policy 4298: Wage Employee Time Worked
Policy 12110: Handling Virginia Tech Foundation Funds
Procedure 10305a: Review of Financial Activities
For more information on university governance, watch the available governance tutorials.