Throughout the game the party will collect various treasures.
At the bottom of the treasure screen will be several buttons. Here is what they do.
  Casts detect magic. Magical items will be highlighted. This button will only be available if someone in the party is capable of casting Detect Magic. Magical Items will be highlighted by a glowing
aura.
  Allows the party to collect monetary treasure, or to leave behind
any gold or jewels they no longer wish to carry. This button will
appear dimmed if no money is currently waiting to be collected.
  Allows you to scroll up and down the list of items if there are
too many to see on one screen.
In addition to awarding treasure, this is where any experience will be awarded to the party. A small message box will appear, telling of the amount of experience each conscious member of the party has received.
 
You may also hold the Option key and click on an item to bring up the fact sheet. Option click will bring up the fact sheet in the items and shop screens as well.