This checklist ensures that all financial transactions have been properly approved before being processed. It helps maintain compliance and accountability in financial operations.
Gather all necessary documents related to the transaction, including invoices, contracts, and receipts.
Check that all details in the transaction documentation match the planned budget and financial policies.
Get preliminary approval from the immediate supervisor or department head responsible for the budget.
Forward the transaction documentation to the finance department for further review and compliance check.
Obtain final approval from the finance director or authorized personnel before processing the transaction.
Record all approvals and maintain a log of the transaction approval process for future audits.
Once all approvals are secured, process the financial transaction according to company procedures.
Inform all relevant parties (e.g., requestor, finance team, vendors) that the transaction has been approved and processed.
Store all related documentation securely for future reference and compliance audits.