This checklist ensures that all financial transactions within the organization are properly reviewed and approved to mitigate risks and maintain compliance with internal policies.
Check that all transaction details are complete, including amount, date, and purpose of the transaction.
Ensure that the transaction amount is covered by the available budget in the relevant account.
Collect all relevant documentation such as invoices, receipts, and contracts that support the transaction.
Ensure that the transaction complies with corporate policies and external regulations.
Send the transaction for approval from the necessary stakeholders as defined in the approval matrix.
Once approved, ensure the transaction is recorded in the accounting system accurately.
Notify all relevant parties of the transaction approval and any actions they need to take.
Ensure that all supporting documents are stored appropriately for future reference and auditing.