Michigan State University
Controller's Office

Administration Bldg
426 Auditorium Rd, Rm 305
East Lansing, MI 48824
517 355-5020

SECTION 40: Financial Processing Transactions

Last updated: December 2010

I. General

This policy on Financial Processing Transactions excludes the Disbursement Voucher (DV). The DV is discussed in Section 75.

Except for the DV, Financial Processing Transactions (FPT) are “journal entries”. Each separate e-doc has a specific purpose, yet all FPT’s (excluding the DV) perform a transaction within a MSU account or between MSU accounts only – funds are not expended.

At the Main Menu of the financial system, Financial Processing Transactions are located in the upper left corner. Click on any e-doc to view. At the document, click on the “?” to the right of the e-doc title. This links the “Help” screen and provides a general e-doc description and basic information on layout, process overview and examples.

II. Preparation/Business Rules and Workflow

Please refer to e-doc training materials at your http://angel.msu.edu account. Updates to the Manual of Business Procedures with guidelines specific to every e-doc are under construction. Please contact Accounting, 355-5000 or accounting@ctlr.msu.edu with e-doc preparation or business rules questions.

III. Required Attachments

IV. Processing

Generally, FPT’s route for approval to the Fiscal Officer (FO) of every account included in the transaction. Where the initiator is the FO, approval is accomplished upon submitting the e-doc.

FO’s and all other parties on the route are required to take action on the e-doc in a timely manner. The proper posting of University revenues and expenses is dependent upon timely processing of transactions. Of particular note are Internal Billing e-docs. This e-doc will route to the FO of the account being expensed. Timely approval of this expense is required of the FO (and FO delegates, if applicable). In general, timely action is within three (3) business days of receipt.

Central approval and final processing: Final approval and e-doc processing by Accounting will generally occur on a “first in, first out” basis. Once all other e-doc approvals are obtained, final auditing and approval action by Accounting will take place. Central processing will be timely, yet will depend on several factors, including time of year and complexity of the transaction. Regarding month end cutoff, in general, properly completed e-docs with full approvals will be processed by Accounting in the month received if received no later than seven (7) business days before month-end.