Journal entry approval is a way to manage the journal entries that are entered into your site. By setting approvers for journal entries of a certain amount, you can control who verifies and approves journal entries.
When journal entries have met the percentage or required approvals and are rejected, the journal entry will return to the New bucket for edits or deletion. If the percentage of approvers is not met, the journal entry will stay in the Approval bucket.
Journal Entry Approval Settings
To enable journal entry approvals, the Enable Journal Entry Approval setting must be enabled.
- Navigate to the General Ledger page, then click Settings in the left-side menu.
- Click Edit Settings in the left-side menu.
- Click the box next to each setting that will be applied, and then click Update.
Set a Journal Entry Approval Level
Now that journal entry approval has been enabled, journal entry approval levels can be set. Journal entry approvers will be set after levels are established.
A journal entry approval level defines a dollar amount range for the system to require journal entry approval. Many levels can be set.
When creating a journal entry approval level, only enter the minimum amount of the range. The maximum amount will update automatically according to the minimum amount in the next level.
- Navigate to the Journal Entry page.
- Click Journal Entry Approval in the left-side menu.
- This is not available until Enable Journal Entry Approval is enabled.
- Click Edit in the left-side menu.
- Enter the Min Amount and Approval Percent for each level, and then click Save.
- Enter the percentage as a decimal amount.
- Enter the percentage as a decimal amount.
Set Journal Entry Approvers
Once a journal entry approval level has been added, journal entry approvers can be added.
- Navigate to the Journal Entry page.
- Click Journal Entry Approval in the left-side menu.
- Click [Edit Approvers] next to a level.
- Select a user in the Approval Employees drop-down menu, select additional users if applicable, and then click Save.
- Each time a user is selected, another drop-down will appear.
- Each time a user is selected, another drop-down will appear.
- Repeat steps 3-5 for each level.
In the example above, each of the four approvers can approve 25% of the journal entry, so only one approver would need to approve the journal entry.