Approvals
Checkbook offers a payment approval workflow within its dashboard, providing an extra layer of control and security for outgoing payments. This feature is particularly valuable for organizations that require multiple individuals to authorize payments before they are processed, ensuring financial oversight and preventing unauthorized transactions.
All actions related to the payment approval process (initiation, approvals, rejections, timestamps, and user IDs) are logged for audit and tracking purposes.
Payment Initiation
An authorized user (the “Initiator”) creates a payment request within the Checkbook dashboard, specifying the recipient, amount, funding source, and other relevant details. Instead of being sent immediately, the payment is submitted for approval.
Notification to Approvers
Designated approvers (based on permission level) receive notifications that a payment requires their approval.
Review in the Dashboard
Approvers log in to the Checkbook dashboard and navigate to a dedicated Approve Payments page. Here, they can view the details of the pending payment request, including all relevant information provided by the initiator.
Approve or Reject
Approvers have the option to either:
Approve: If the payment details are correct and comply with organizational policies, the approver can authorize the payment. The payment then proceeds to be processed by Checkbook.
Void: If the approver identifies any issues or the payment should not proceed, they can reject the request. The initiator is then notified, and the payment is canceled.