Set Up Approval Workflows for Vendor Bank Account

Overview:

Learn to set up approval workflows for Vendor Bank Account

Why Set Up Approval Workflows for Vendor Bank Account?

Vendor bank account details carry a high level of risk. Incorrect or fraudulent changes may result in payments being directed to the wrong account. For this reason, newly created or modified vendor bank accounts are unavailable for payments until they are reviewed and approved.

Note: Once set up, the Vendor Bank Account Approval Workflow is triggered when you create a new vendor bank account, modify an existing one, or change critical bank details such as Bank Account Number, SWIFT Code, IBAN, Currency Code, or Country or Region.

You can also configure the workflow to trigger when any field on the Vendor Bank Account Card is changed.

Before You Begin

Complete the following setup:

Set up Approval Users

Set up Workflow User Groups

Set up Notifications for Approval Users

How to Set Up Approval Workflows for Vendor Bank Account?

Here are the steps to launch the setup wizard and set up approval workflows for Vendor Bank Account:

Select Vendor Bank Account Approval Workflow on the Insights panel on your Wiise landing page.

Note: Find out more about the Wiise Approval Workflow widget in the Wiise Insight panel.
The Vendor Bank Account Approval Workflow Setup Wizard page displays.

Note: More advanced settings can be configured later from the Workflows page.
Select Next to continue.
Select the Approver Type and Approver Limit Type.
1. Approver Type: This user is notified first about approval requests. A Salesperson or a Purchaser, Approver or Workflow User Group can be notified of approval requests.
2. When you select Approver as the Approver Type, you’ll need to update the Approver Limit Type field. There are four types of approver limits for routing approval requests:
  1. Approver Chain: Sends the request up the approval hierarchy step by step until it reaches the final approver.
  2. Direct Approver: Sends the request only to the assigned approver without involving anyone else.
  3. First Qualified Approver: Sends the request to the first person in the hierarchy who has enough approval authority.
  4. Specific Approver: Sends the request directly to a selected approver, ignoring the hierarchy.
  Note: When a Specific Approver is selected, an additional Approver ID field is made available. You’ll need to update the Approver ID field.
  
  Note: When you select Workflow User Group as the Approver Type, a new field requests you to update the Workflow User Group Code. Select the drop-down button to update the description.
Select Next to continue.
Select Finish. The approval workflow is configured and ready to be used.
A confirmation message displays that a new item approval workflow has been enabled.
Select OK to close the message.
Refresh your browser.
You can now see that the Vendor Bank Account Approval Workflow toggle Enabled on the Wiise Approval Workflow widget in the Insights panel.

Note: Test the workflow using both approval and rejection scenarios. Confirm payment blocking works as expected.

When a Vendor Bank Account Card status moves to Not Submitted after the user creates or edits a vendor bank account, Send Approval Request displays on the Approval menu.

Once the user sends the change for approval, the status changes to Pending Approval. This helps confirm that the workflow behaves as expected and that status changes are accurate.

Draft or Not Submitted accounts cannot be used in payment journals. A warning displays that the vendor bank account must be approved before it can be used for payments.

When the approval request is approved, the bank account is saved and activated for use.

Note: Inform all relevant parties about the new approval workflow, including any changes to their processes or responsibilities.

What’s next?

Find out how to use set up a Vendor Bank Account.

Need more help?

No problem, that's what we're here for. Reach out to support@wiise.com anytime you can't find what you're looking for.