New Feature: Approve and Reject Ability for Recording Asset Event
November 2021
This release introduces an optional Approve/Reject workflow for recording asset events. When enabled, all Termination, Disposal, Return, Renewal and Impairment events entered through the UI are staged for approval before being recorded against the deal.
All of the segregation of duties workflows are optional, including this new one and the default system behavior will have the feature turned off.
Workflow Requirements
Access Level Assignment
Recording of asset events through the UI can be done by users with permission to record EOT events regardless of access level. Please review the Access Control Matrix to determine which Access Level works best for your business.
Can Act As Lessee Role
The proper Can Act As Lessee Role is critical to the correct function of this workflow. The following Can Act As Lessee Role is required for a user to be allowed to approve asset events.
Accounting Approver – if a user is going to be approving/rejecting recorded asset event via the UI.
Note: A user should not be an Accounting Analyst and an Accounting Approver.
Workflow Steps
Step |
Action |
|---|---|
1 |
A user records an Asset Event in the Record Asset Event workspace. |
2 |
An information message appears at the top of the Record Asset Event workspace informing the user that the event has been recorded in the system and is pending approval. A To Do is created on the Deal History to Approve Recorded Asset Event.
|
Step |
Action |
|---|---|
4 |
A user with Can Act As of Accounting Approver logs into the deal and clicks on the Approve Recorded Asset Event To Do Note: The person that recorded the event cannot approve it, and a user that is not an Accounting Approver will not be able to approve it either. |
5 |
The approver is taken to the Approve/Reject workspace for the asset event. Here they can review the details of the event and add the required Approver Comments. |
6 |
If approved, the asset event is recorded against the deal and appears in the Deal Summary and Payment Schedule and no further action needed. |
7 |
If rejected, the asset event is not recorded against the deal and a new To Do appears in the Deal History, Correct Asset Event. The To Do is assigned to the user that entered the event. Note: This To Do will be cleared once it is clicked on and cannot be added manually. |
8 |
The user that entered the event also receives an email notifying them of the rejection. |
9 |
This user then goes to the deal and clicks on the Correct Asset Event To Do which takes them to the History Events where they can view the reason for rejection and the additional steps to take after correction. |
10 |
After viewing the reason for rejection in Deal History Events, the user must rerecord the asset event and the approval process starts over. |
Additional Information
When recording multiple asset events, the system will create a separate Approve Asset Event To Do for each event and each event will need to be approved separately.
Events in need of approval will show the Asset Event type and the effective date of the event in the Deal History Next Steps.
There is no bulk approval at this time.
As with all new features, LeaseAccelerator encourages you to take advantage of the Preview period to explore their functionality.