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Changes to Credit Card Monthly Approval Process

What's Changing?

Printed statements are going online and approval by cardholder and their supervisor will be done via email:  

1.  Reconcilers will select "Verified" not "Approved"

2.  By pressing the "Create/Attach Statement" button the statement is created and attached

3.  Cardholders will receive an email request to approve their statement online 

4.  An option to select a "Reviewer" has been added

5.  Cardholder Supervisors will receive an email requesting approval of the statement online

How does it work?

Reconcilers of monthly transactions will choose "Verified" (not "Approved")

The "submit for approval" step initiates an approval workflow email that does not require the approver to log into NS Financials.

Approval by the card supervisor via the email workflow will lead to the transactions being approved and posted to the General Ledger (it is only at this stage that expenses get recognised in the Ledger).

The workflow email for approval will include a minimum of 3 attachments - supporting documents (which would need to be scanned an attached), Credit Card Statement and an html Approval form:- (additional supporting documents may be added - e.g., statutory declarations, emails pre-approving / supporting expenditure, multiple documents for scanned tax invoices / receipts, etc).

The Approval form is to be opened - it contains the summary of expenses from the credit card statement and the action selection - Approve / Not Approve.

The Submit button will draft the email for the supervisor to Send

How will I receive notification?

There will be a new automatic email and it is important that these are not disregarded as spam.

Please alert your staff that they will receive new system generated emails.

Benefits

1.  Electronic approval by the supervisor replaces the paper signature requirement.

2.  Reconcilers will no longer be noted as approvers.

3.  Approvers are not required to log into NS Financials as workflow emails will update and track the approval.

4.  Scanning and attaching supporting documents has been available for over a year, but this will now make those

     attachments mandatory.

5.  Electronic storage of the support reduces red tape during audits and compliance reviews.

6.  Storage of the originals is no longer required if the scanned documentation is complete and legible.