This checklist ensures that all financial transactions are reviewed and approved according to company policy before any payment is made. It helps maintain financial integrity and compliance with internal controls.
Collect all necessary documentation for the transaction, including invoices, contracts, or any related financial documents.
Ensure that all documentation is complete and accurate. Check for the correctness of amounts, dates, and involved parties.
Confirm that the transaction aligns with the approved budget and there are sufficient funds available for the expenditure.
Submit the transaction request along with supporting documents to the respective approvers as per the delegated authority.
Once approved, ensure the transaction is recorded accurately in the accounting software for tracking and reporting purposes.
Inform all relevant stakeholders of the approved transaction and its details, ensuring that everyone is informed about the financial commitment.
Organize and file all related documents for future reference and audits, ensuring they are easily accessible.