Woman using a computer sitting at a desk.
Ellen Crowder, Administrative Financial Assistant at the Cyber Range, uses FINTRACS.

Over the past year the Finance Transaction Review, Analysis, and Certification System (FINTRACS) has streamlined monthly financial transaction reviews while also giving managers and administrators better insight into the review status. 

FINTRACS streamlines the review process by using a risk-based approach, using existing internal controls and business rules to determine which transactions need review, and eliminating the need to review all transactions. For a consistent user experience, the system integrates with other university financial systems, namely Banner, MicroStrategy, and HokieMart. The system’s risk-based approach provides 96% assurance of non-payroll expenditure accuracy and completeness through targeted review of about half of all financial transactions.

"As the university continues to grow, it is imperative that we leverage system controls to efficiently provide reasonable assurance of objectives relating to operations, reporting, and compliance. Completion of financial transaction reviews in FINTRACS produces remote likelihood that material misstatements will not be prevented or detected promptly,” said Melinda West, associate vice president for finance and university controller.

The creation of FINTRACS was a collaboration between the Enterprise Systems Finance Applications team and other university stakeholders, and is now the required method for documenting the monthly fiscal review process as required in University Policy 3100.

The Enterprise Systems Finance Applications team is continuing to improve the user experience in FINTRACS, including remembering filtering choices, adding the ability to export data from the application, and additional deep linking to reporting.

To learn more about FINTRACS, visit www.controller.vt.edu/resources/generalaccounting/fintracs.html.