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Approval Managment

Author:
Aug 17, 2023

Koverly’s approval management feature gives you the ability to allow a contributing user to create and pay bills that are then approved by an admin user. 

This is a great feature for situations where you would like to empower your bookkeeper to manage payments, but would like to review them before they are processed. 

Here’s a quick video tutorial of how this feature works:

Setting Permissions

Permissions are set in the “Manage Users” section of Settings, a feature that is only available to Admins. Here, you can customize which Admins on your account have the ability to receive payment requests and approve payments. You can also manage settings for Contributor users and customize a maximum bill amount each Contributor user can pay without approval. If you wish for all of a Contributor’s payments to require approval, you simply set the “Maximum bill amount that user can pay” to $0

Admins can add new users to their account for free via the “Invite user” function located in the top right corner. New users receive an email invitation to join the account and will not be active until they accept the invitation.  Inviting users to the platform is free and the threshold for approvals can be customized for each individual. 

You may also choose one or more admins to own the role of approving payments - if multiple admins have the ability to approve payments, you can either enable one approval to suffice or require multiple admin approvals for payments to be processed. You do this by toggling “on” the “Dual Payment Control” option. 

Making Payments as a Contributing User

Contributing Users can make payments with full functionality to all payment options, such as scheduling payments, short pays, and can choose between any available payment methods on the account (ACH, cc, check or KoverlyPay, if activated). 

If a Contributing User would like to pay a bill in an amount that requires approval, they simply follow this process: 

  • Add the bill to checkout 
  • Select payment method and date of payment
  • Click “Review for Checkout” 

Once these steps have been completed, the payment request is sent to the designated Admin or Admins on the account for approval. 

Approving Payments as an Admin

Admins are notified via email and no money is sent until the payment has been approved. 

Payment approvals must be made within 24 hours of the request to avoid cancellation. If the payment is not approved within 12 hours of the request being made, Admins and the Contributing User who made the request will receive email reminders until the request has been processed at 12 hours, 6 hours and 1 hour prior to the deadline. 

There is no fee if a domestic payment does not get approved in time and is subsequently canceled. However, there is a cancellation cost of $20 plus the exchange rate difference (if applicable) for FX payments that are not approved within 24 hours. The reason for this is because Koverly locks in the foreign exchange rate at the time the request is made and there is a cost to us for canceling the payment.

Admins can view bills that require their approval by clicking on the email, or logging into their account. 

Admins have an extra tab in their Bill Pay section called “Approvals.” In this section, an Admin can see details on all of the scheduled payments that are pending approval and process the approval requests. 

To process approvals, an Admin simply reviews the bill and clicks “Approve” or “Decline” accordingly. Approval actions can be made in bulk or one at a time.

If payments only require single admin approval, once any Admin designated for approvals clicks “save and move to completed” the payment is sent and an email notification is sent to the Contributing User and all Admins associated with approval management. If payments require multiple approvals, all Admins must complete the approval process before payment is sent.

If you have any questions about this feature or would like a personalized tutorial, please reach out to our support team anytime at support@koverly.com.

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