Material Transactions Report
Prior to reading the instructions on the Material Transactions Report, it is beneficial to review the following sections of the IU Accounting Standards Book to gain foundational information along with report requirements and best practices:
- Accounting Fundamentals Section
- Chart of Accounts and General Ledger Section
- Financial Statements Accounting Section
- Closing Standards and Procedures-Closing Standards Section
The Material Transactions Report was introduced to assist units in pulling detailed, non-system-generated transactions with absolute values of $5 million or greater. To ensure the integrity of an entity’s financial position as well as compliance with internal controls and external audit requests, units are responsible for reviewing and substantiating these material transactions. This report allows units to readily identify individual entries at the account line-item level, review transactions for accuracy, and gather supporting documentation. In conjunction with running the Material Transactions Report, units should familiarize themselves with the Financial Transaction Substantiation Standard for detailed information on substantiating transactions along with examples of appropriate documentation.
Units are required to run this report quarterly and provide proper substantiation to University Accounting and Reporting Services (UARS). However, it is recommended that units run this report monthly to maintain accuracy of financial information.
The Material Transactions Report is designed to display transactions by transaction line of $5 million and above with pre-defined parameters. If a unit has no transactions of $5 million or above for the period(s) selected, the report will return no results. Users can input unit information to narrow the report by Chart, RC, Org, account number, and fund group. There are two options available to view the report:
- Transactions Requiring Substantiation (Unit-Level) – report displays only the non-system generated, actual entries that units are required to substantiate with specifically excluded entries. Excluded from the report are transfers and specific fund groups, as well as transactions that are system-generated or centrally created (i.e., treasury, payroll) where documentation would be provided from another department. See full list of excluded parameters here.
- All Material Transactions – report displays system and non-system generated transactions and actual entries with fewer exclusions than the Unit-Level to include transfers, all fund groups, and centrally-processed transactions.
The ‘Unit-Level’ view will be the option units should run to identify the material transactions that will require substantiation per the Material Transactions Substantiation Standard. The ‘All Material Transactions (UCO Level)’ view is run at an executive level and used by the Office of the University Controller in preparation for the external audit review.
Define the search parameters to return results relevant to your organization or to a specific account. The search parameters available in the Materials Transactions Report are divided into three parameter types: chart of account report parameters, report specific parameters and display parameters.
If there are questions related to running the report, requirements, or reviewing results, please contact your (RC) fiscal officer or campus office. Each campus may have individual specific requirements related to the Materials Transactions Report. Be sure to reach out to the related campus office or fiscal officer prior to quarter closings.
General Notes: Do not include any special characters other than approved wildcards in any of the below parameters. Additionally, do not run reports by campus as it will take up valuable computing services.
Click Save Parameter Settings to save your parameters for future use of this report. For instructions on how to save settings, review the Save Parameter Settings document on the Controller's Office Reporting Tools page.