Payment Assistant Approving Payments Questions

We are saving you time and effort by writing checks to vendors for you, so some processes may require adjustments. For example, if you require validation on who signs the checks to vendors, you may want to make that person who validates a payment run approver.

Before signing up for Payment Assistant, we recommend you discuss the workflow with your auditor or other key financial people at your organization. We provide a single-tier approval process that is permission controlled within Financial Edge NXT. We have separate permissions for who can create payment runs and who can approve them.

Offline processes can still be used for more visibility, like having multiple signers on a pre-payment report.

Yes, multiple people can have the Payment run approver permission. However, it currently only requires one approver to approve the payment run. The person who approves the payment run is recorded on the payment run record. While we currently only support a single-tier approval process, we are working to support a multi-tier approval process in the future.

We currently support the following roles.

• Payment run admin

• Payment run creator

• Payment run approver

Within these roles, you can customize the tasks each role can perform. We currently support the following tasks and should consider these when considering the separation of duties for the Payment Assistant workflow.

This task assists with Payment Assistant bank account setup:

• Create links to bank accounts

These tasks assist with the configuration of Payment Assistant:

• Payment run approval notifications

• Vendor EFT data sharing

• Payment Assistant setup

These tasks assist with the everyday use of Payment Assistant:

• View payment runs

• Manage payment runs

• Approve payment runs

Currently, we only support a single approver for a payment run. Requiring multiple approvers for a payment run is not available yet.

Invoices are marked as paid when the payment run is approved and turned over to Payment Assistant to complete the payments. When payment runs are approved is also when the funds are withdrawn from your bank account.

While we recommend a separation of duties, we know that it's not always feasible at organizations. You can assign permission to create and approve to the same person.

Yes, all people in your organization who need to participate in the Payment Assistant workflow, need to have their own Financial Edge NXT user account.