CashWise Approval Workflow
What is the Approval Workflow feature?
The approval workflow feature allows users to define conditions for when and who needs to approve cash flow items for payouts and FX conversions.. This capability enables companies to consolidate their financial approval processes into CashWise.
2. Settings & Customization
How can users customize approval workflows?
Users can create their own approval workflows and define transaction limits. If a transaction exceeds the set limit, it must be approved by a designated approver before processing.
This feature also supports multi-layer approvals, allowing multiple approvers to review transactions at different stages for enhanced security.
Who can create approval workflows?
Owners: Can create workflows, which are automatically implemented.
Admins: Can create workflows, but they require approval from an owner before taking effect.
Note:Changing the approval workflow will only affect new approvals, existing approvals will follow the original flow.
Here’s an example of how to set up a two-layer approval workflow
Navigate to Account Settings > Approval Workflow.
Click Create/Update Workflow.
Select the currency for the approval workflow
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Choose an approval type:
No Approval Required
Single approval required from any of the selected approvers
Approval required from all selected approvers
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Select the first-layer approvers.
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Add a second-layer approval.
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Set the transaction amount threshold for first-layer approval.
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Define the approval type for the second layer.
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Select the second-layer approvers.
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Click Update to save the workflow.
That's it! Your approval workflow is now set up.
3. How It Works
How do users approve a payout?
When a payout request is created and requires approval, it remains in a pending approval status.
If the owner initiates the payout, their approval is automatically completed (unless additional approvals are required).
Once all required approvals are granted, the payout is processed on the scheduled date.
4. Frequently Asked Questions (FAQs)
How will users be notified of pending approvals?
Users Approvers will receive email notifications when an approval request is pending and both the requestor and approver will receive an email notification when the request has been approved
Approver will receive a banner notification
Cash flow item will display red hand icon and will display data on who needs to approve the transaction
What happens if a transaction is rejected?
If a transaction is rejected, the user has the option to edit the cash flow item and resubmit it for approval.
How can I modify a payout after approval?
Once a payout is approved, it cannot be edited. The only way to modify an approved payout is for an approver to reject it after approval, allowing it to be resubmitted with changes.
How to reject a transaction?
After approval, you have the ability to revert and reject the cash flow item by going into the cash flow item in the cash planning page and rejecting it. The rest of the approvers will also get notified that the cash flow item is rejected.