Accounts

Transaction Monitoring

Overview

Transaction monitoring occurs throughout the post-award lifecycle, as part of the financial management of an award. The department has the primary responsibility for ensuring all expenditures are allowable, allocable, reasonable, and in accordance with the terms of each award. The processes and internal controls to monitor transactions differ across each department. As a result, a standard University-wide approach to monitoring transactions is performed by the Office for Sponsored Programs, Research Finance (OSP RF) group based on a standard list of Cost Accounting Standard (CAS) object codes and/or the financial terms of each award. Transactions against these object codes can be monitored in GMAS for review by departments. OSP RF will review these transactions and include any transaction as part of the Compliance Checklist that are still “pending review” by the department. Departments must provide justification for allowability or designate transactions for correction from the award, if unallowable. Checklists are routed by OSP RF to departments based the following financial milestones of an award*:

  • At award end
  • Upon submission of a Final Invoice or Final Financial Report
  • Upon completion of an Interim or Final Review
  • In other instances, as required (i.e. budgetary restrictions, sponsor templates, etc.)

*Note: Transactions should be monitored throughout the award and OSP RF recommends that departments monitor and approve/remove transactions on a monthly basis, or at least quarterly to avoid cost transfer implications or record retention issues.

Key features

Transaction Monitoring Dashboard

  • Provides a summary by project of any accounts with transactions monitored for review
  • Each project is linked to the Segment Transaction Monitoring screen for users to access the detailed list of monitored transactions

Segment Transaction Monitoring 

  • Allows users to customize the list of monitored object codes, based on award terms
  • Provides a detailed list of monitored transactions for review
  • Approved transactions and transactions designated for removal are recorded with a username and date/time stamp

 

Who can access the Transaction Monitoring Dashboard

Anyone with access to the project can see the projects in the transaction monitoring dashboard and access the transaction monitoring screen. Editing is limited to Department Administrators, Interfaculty Involvement Department Administrators, and OSP RF staff.

All roles on the project administrative team:

  • See all transactions (belonging to any account) on the project that are listed in the segment transaction monitoring screen

Department Administrators:

  • See all transactions (belonging to any account) on the project that are listed in the segment Transaction Monitoring screen
  • Update the state of all transactions (belonging to any account on the project) in the segment Transaction Monitoring screen

Interfaculty Involvement Department Administrator (this role is added in the segment administrative team by department administrators):

  • See all transactions (belonging to any account) on the project that are listed in the segment transaction monitoring screen
  • Update the state of transactions in the segment transaction monitoring screen where the org of the account transacted to matches an org where the individual also plays the Department Administrator role on a standing team

 

Roles and responsibilities

Department Administrators/Interfaculty Involvement Department Administrators

  • Set and update the list of monitored object codes based on the financial terms of the award
  • Assume primary responsibility for monitoring any transactions that appear on the Transaction Monitoring Dashboard
  • Assume primary responsibility for reviewing transactions--at the segment level--by providing justification for allowability or designating transactions for correction, prior to completing the OSP RF Compliance Checklist
  • Upload any supporting documentation to validate allowability

OSP RF Staff

  • Monitor the Transaction Monitoring Dashboard in preparation for client meetings and alert departments prior to financial milestones of an award
  • At financial milestones, review the Segment Transaction Monitoring page to ensure approved transactions have sufficient justification for allowability, that unallowable transactions have been designated for correction/removal, and that no transactions are “pending review”
  • Notify departments of any transactions that are “pending review” or that require additional justification, by referencing them on the OSP RF Compliance Checklist
  • Have the ability to clear monitored transactions and update object codes for flagging, but this is the primary responsibility of the department since the posting of expenditures to the GL occurs locally by each department

Prerequisites

It is expected that all users of the Transaction Monitoring Dashboard and Segment Transaction Monitoring screen are familiar with general GMAS functionality and navigation, and have an understanding of Harvard’s Sponsored Expenditure Guidelines and the individual terms of each award.

What is covered in this document

The purpose of this document is to outline the general workflow and navigation of the Transaction Monitoring Dashboard and the Segment Transaction Monitoring screen. It highlights the purpose of the dashboard and screen, and what data and functionality is available.

What is NOT covered in this document

The processes and decision-making required to make a determination of whether or not expenditures are allowable, allocable, reasonable, and in accordance with the terms of each award.

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Financial Deliverables

Financial deliverables are the Invoices, Financial Reports, and Reviews that are scheduled by Research Finance in the Office for Sponsored Programs for each awarded project (segment). Each deliverable has their own screen that provides detailed information about that specific deliverable. This job aid will review all of the different sections of a financial deliverable.

Prerequisites

This job aid assumes that the reader has an understanding of the basic functionality...

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Financial Deliverable Dashboard

The Financial Deliverable Dashboard provides visibility into all of the Invoices, Financial Reports, and Reviews that are ready to be worked on, or are being worked on by Research Finance in OSP. The dashboard is broken out into tabs by deliverable status. This job aid will review the different tabs and what information is available.

 

Prerequisites...

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Budget Posting Failures

How to fix General Ledger (GL) budget failures sent from GMAS.

This job aid provides instructions for how to correct failures with budgets sent to the GL from GMAS.

What happens when a budget submitted in GMAS fails processing by the GL?

If there is a failure, there will be a panel on the segment homepage for the account:

...

Read more about Budget Posting Failures