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Multi-Level Funds Release Policy Overview & Configuration Guide

  • Updated

This feature allows Administrators to configure approval workflows for funds release approval, creating audit trails and layered controls. 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.

Please review this guide to learn about multi-level funds release and how to configure this approval flow in your account.

Important Notes:

  • Only the Primary Administrator and Administrators can be approvers
  • The Funds Release Policy applies to all Payments processed through the Payments page
    • Meaning the same policy will apply to:
      • Bill Pay
      • Reimbursement
      • Send Money

 

How to set up a multi-level funds Release policy

Please review the steps below to learn how to configure your funds release policy.

  1. Log in to app.floatfinancial.com as an Administrator or Primary Administrator
  2. Navigate to Settings > Approval Policies > Funds Release OR go to the Payments page > Settings
  3. In the Authorizers section:
    • The Primary Administrator is automatically selected and cannot be removed as an "Authorizing User"
    • You can select dynamic approvers (i.e., any Administrator can give funds release approval), or
    • You can select individual approvers by searching by name
  4. In the Require authorization from at least section:
    • By default, only 1 admin is required to give funds release approval.
    • You can only set a maximum number of approvers based on the number of admins you allow to give funds release approval.
  5. In the + Add amount range rule section:
    • By default, this policy is set up for All Payments (Any Amount)
    • You can add amount range rules (i.e., tiers) to configure specific Administrators to give funds release approval for payment ranges 
      • For example, set payments from $0 to $1000 to be approved by Administrator A, and payments between $1000 to $5000 to be approved by Administrator A and Administrator B
    • This gives you further control over which specific users can give funds release approval, depending on the payment amount
  6. Click Save once everything is configured to your liking

 

Editing a Funds Release Policy

Edits to a Funds Release Policy apply immediately to any payment that hasn't received funds release approval yet, including payments already sitting in the Needs Authorization tab. Once a payment has received its required approvals and moved to the Pending tab, later policy edits no longer affect it.

This is consistent with how Approval Policy edits behave for Cards & Limits, Reimbursements, and Bill Approval requests.

 

Important Considerations:

Your business may be set up to require payments over a specific amount (e.g., $50K) to be approved by your CFO/Business Owner. Sometimes, these users are not the Primary Administrators (PA) in Float; we recommend the following configuration if you fall into this case:

  • Set up a requirement where all tiers require 2 approvers, or that higher tiers, where a CFO/Business Owner who isn't a PA has to approve, you either:
    1. Add Administrator A as named for that tier, and the Primary Administrator would simply not approve them 
      • This is a trust-based system, and the PA will still have the ability to approve. Audit logs are available to see exactly who approved the payment.
    2. Require 2 approvers for that higher tier, and it's just the Primary Administrator and Administrator A. The PA would approve as they schedule payments, but it'll still force the Administrator A to approve before the funds are released.

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