Funds Release Approval is an additional control that gives approved bills one more check before funds move. After a draft bill is approved and scheduled for payment, it still needs funds release approval before it can be processed.
For more details, see: How to Give Funds Release Approval
Guide Overview
How to Give Funds Release Approval
Who can Give Funds Release Approval?
When is Funds Release Approval Required?
Where can I view a history of funds release approval activity for a payment?
What happens if funds release approval is not given before the scheduled payment date?
How to Give Funds Release Approval
- Navigate to the Payments page
- Go to the Needs Authorization tab
- For batch approval:
- To approve all bills in this tab, select the "Authorize All Payments" button below the CSV download button
- To approve a select number of bills in this tab, use the checkboxes to select multiple bills > Select the "Authorize All Payments" button at the bottom of the page
- For single bill approval:
- Select the "Authorize" button to the right of the bill
If you give funds release approval to multiple bills with the same payment date, Float will group them into a daily payment batch per currency.
Who can Give Funds Release Approval?
Only the Primary Administrator and Administrators can give funds release approval for bill payments.
A Funds Release Approval Policy can be configured to add approval workflows for funds release. This allows you to control who can give funds release approval, set the minimum number of required admins, and add amount-based rules if needed.
When is Funds Release Approval Required?
Funds release approval is required:
- After a bill has been approved
- After a payment date has been set
Bills in the Needs Authorization tab of the Payments page will remain pending until funds release approval is given.
Where can I view a history of funds release approval activity for a payment?
You can view a full history of payment-related events, including when funds release approval was given and by which user, in the Payments Activity Log. The Activity Log is accessible from the Payment Details panel on the Payments page by clicking on a Payment > Select "Activity Log".
For more details, see: Activity Logs for Payments
What happens if funds release approval is not given before the scheduled payment date?
If no one gives funds release approval for the bill before the scheduled payment date, the payment will not be processed and the bill's status will update to "Authorization Overdue". The bill's payment date will need to be rescheduled by selecting the "Reschedule" button in the Needs Authorization tab of the Payments page.
Once rescheduled, an Administrator will need to give funds release approval before the newly scheduled payment date.
What happens if I change a recipient's payment details after a bill payment has already had funds release approval given?
Changes to a recipient's payment details will apply to existing unpaid bills for that recipient automatically.
However, if changes are made to a recipient's payment details and there's an existing bill to that recipient, which has already been scheduled and had funds release approval given, the payment will automatically be moved back to the Needs Authorization tab of the Payments page and will need funds release approval again before the new payment date.