A STUDY ON RECORDING OF FINANCIAL TRANSACTIONS AND ITS IMPACT ON FINANCIAL REPORTING IN HIGHER EDUCATION INSTITUTIONS

The research contained in this article examines the relationship between the recording of financial transactions in relation to its accuracy, completeness, and timing regarding the quality of reporting of financial transactions in higher education institutions. The study will examine the existing practices of recording financial transactions, recognize gaps in the existing practices of recording financial transactions in order to assess the reliability of ERP-based accounting for financial reporting within a higher education institution. The study states that accurate recording supports improved transparency by providing better reporting on the financial position of the institution, helps ensure that the institution is compliant with Ind AS and UGC guidelines, improves the internal control environment in higher education institutions, and improves the decision making process at the institutional level. The study provides a number of recommendations including the complete use of an ERP environment for financial transaction recording, the need for complete digital recording, carrying out quarterly internal audits, and providing continued training for financial staff working in the ERP system.