Payment Approvals - Step 3 in Payment Processing
Purpose and working of Payment Approval screen:
The Payment Approvals dashboard can be accessed by selecting the Payment Approvals menu option from the Payments drop-down menu.
On this screen, all the payment instructions you created and submitted in payment allocations can be seen.
The purpose of this screen is to review those instructions and then to approve or reject them.
It is possible to approve or reject payments individually or per asset. It is also possible to approve all the instructions in bulk.
When you reject a payment, the instruction will move back to the Allocations screen where you will be able to delete or edit the instruction.
When you approve a payment, there are two outcomes, depending on your setup.
Option 1: You are using None Accounting Asset Groups. If you approve an instruction, it will be processed on the next payment run, except payments made towards a beneficiary that is set up as a remittance.
Option 2: If you are using Basic Accounting Asset Groups, payments that are set to be paid to the landlord, will first be approved/paid to the Asset Group wallet in the system itself from the individual unit tenant wallet. Then, you will do a second allocation and approval from the Asset Group wallet out of the system. You will basically visit the Payment Approval screen twice, this is explained in more detail in the Asset group payments tutorial.
For either of these options, please keep in mind that you may have beneficiaries set up as a Remittance. Remittances will remain on hold after approval until you release them at a time of your choosing.
This tutorial is focused on option 1 – None Accounting Asset Group approvals.
How to read the information & action the approval/rejection:
The Payment Approvals dashboard will be displayed as shown in the example below.
With reference to the approvals dashboard shown above, note the following:
- Only Payment Instructions are shown that falls within the scope of portfolios where the user have access permission to the portfolios.
- Payment Instructions for every specific wallet (tenant or landlord) are displayed together
- You can use the Search feature to find the wallets for a specific Asset
- The Grey Line on the left indicate payment instructions to pay Tenant Categories
- The Blue line on the left indicate payment instructions to pay Landlord Categories
- Amounts shown in Red indicate payment instructions where the amount of the payment instruction is less than the category balance. This will typically be the case for:
- Rent category due to the fact that Landlord expenses are paid from the Rent category before the balance is paid to the Landlord
- Rent and Recovery categories where more there are more than one Landlord, so the total for the category is split into more than one payment instruction
- Short paid categories where there were not enough money available in the wallet to pay the full balance of a category
- Dot menu options - see example below
- Pay - use this option to approve a single payment instruction for payment
- Reject - use this option to reject a single payment instruction. The payment instruction will be returned to the Allocations Dashboard.
- Pay (green button) - click this button to approve all the payment instructions for a wallet for payment on the banking interface.
- Reject (grey button) - click this button to reject all the payment instructions for a wallet. The payment instructions will be returned to the Allocations Dashboard.
- Pay All (black button) - click this button to approve the payment instructions for all wallets displayed on the dashboard. This option will require an additional confirmation step after which all the payment instructions will be sent to the banking interface for payment.
Payment run times:
Monday to Friday from 09h00 to 15h00. Payments are processed every hour on the hour from the system, and ABSA does the final processing at 12h00 and 16h30.
You can still cancel a submitted payment instruction within the hour you approved it.
User permissions:
All payment instructions created via the manual or automated processes end up on the Approvals dashboard for approval by a user with the relevant permissions before they are sent to the bank via the banking interface for payment.
The user profile permissions section under payments is accessible from the Portfolio & Permissions tab for a specific user under the Company Settings menu option. Provision has been made for the following distinct permissions which can be enabled on a per user basis:
- Approve Payments - a user with this permission enabled can access the Approvals Dashboard to review and approve submitted payment instructions for payment vi a the Banking interface
- Allocate and Approve Payments - a user with this permission can access the Allocations Dashboard to allocate, submit and approve payment instructions in one step for payment via the Banking interface.