New Features: Segregation of Duties Workflow for Record Asset Event Bulk Import, Payment Adjustments UI, and Payment Adjustments Bulk Import (PIW)
February 2023
With this release, we added three more optional features that creates an approve or reject workflow for recording asset events via a bulk import and recording payment adjustments, either via the user interface or bulk import. When this workflow is on, all events will be staged for approval before being recorded against the deal.
Overview
All Segregation of Duties workflows, including the newly introduced ones, are optional. By default, these features are turned off. Power users can enable individual workflows by navigating to the Segregation of Duties workspace and selecting the appropriate checkboxes.
Each workflow creates a final approve or reject step that must be executed in the UI after the execution of either the asset event or payment adjustment by a preparer. An approver can view the event but cannot make changes. If the approve or reject workflow is enabled, the event remains staged and is not fully recorded until approved.
To-Dos and Notifications are created throughout the process. Guardrails exist to prevent additional payment adjustments from being recorded on schedules with pending payment adjustment approvals.
The same basic workflow is in place for recording asset events with a bulk import, recording a payment adjustment within the UI, and recording payment adjustments with a bulk import:
Preparer imports the event or records the event within the UI.
Approver logs in and approves or rejects the event.
Approving the event records the event.
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Rejecting the event deletes the event and creates a Deal History event noting that further action is needed by the preparer.
Note: Bulk approvals are not available at this time.
Workflow Requirements
Access Level Assignment
Recording of events using any of these workflows can be done by users with permission to record EOT events and payment adjustments, regardless of access level.
Note: 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 and payment adjustments.
Accounting Approver – if a user is going to be approving or rejecting recorded asset event or payment adjustment via the UI.
Note: A user should not be an Accounting Analyst and an Accounting Approver.
Workflow Steps for Each New Feature
Steps for Record Asset Event Bulk Import (RAE)
Step |
Action |
|---|---|
1 |
A user populates a Record Asset Event template (RAE) and navigates to the Bulk Import workspace. |
2 |
After selecting the Record Asset Event tile, user will see a warning message displayed when the workflow is ‘On’. |
3 |
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Step |
Action |
|---|---|
4 |
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5 |
All users with the Accounting Approver Can Act As will see the To-Do to Approve EOT Event in Deal History. The event will not be recorded until it is approved. |
6 |
If you were the user that bulk imported the RAE template, you will not be allowed to approve any events. There will be a warning message in the Approve or Reject EOT workspace letting you know you cannot approve the event. |
7 |
If you are an Accounting Approver, and you did not bulk import the asset events, you will be able to approve the EOT event. |
8 |
In the Approve/Reject EOT Event workspace you are able to click Review Changes to download a report that includes information about all asset events for that particular schedule. |
9 |
When approving or rejecting, the Accounting Approver will approve or reject all asset events included in the bulk Record Asset Event template. |
Step |
Action |
|---|---|
10 |
If the Accounting Approver is rejecting the EOT events, the comments should be very clear as to what needs correction. These comments appear in the Deal History, History tile and should guide the Preparer through the necessary corrections. They also appear in a notification email sent to the Preparer. |
11 |
Approved events are recorded immediately upon approval and Deal Summary will reflect the event. |
12 |
Rejected events trigger a rejection email to the Preparer that include any comments included in the Approve or Reject EOT Event workspace. |
13 |
If events are rejected, Preparer must correct the Record Asset Event template and reimport to start the approve or x reject process over. |
Additional Information
When recording multiple asset events, the system will create one To-Do to approve or reject the events. The Approver will either approve all events or reject all events in one step.
Any EOT events originating in our Real Estate Manager (REM) will need to be approved if the workflow is turned ‘On’.
Steps for Payment Adjustments via User Interface
Step |
Action |
|---|---|
1 |
A preparer navigates to the Payment Adjustment workspace using the Record Event cascading menu in the Left NavBar. |
2 |
Once preparer is in the Payment Adjustment workspace, they will see a warning message displayed when the workflow is ‘On’. |
3 |
The Preparer enters all the required data for the payment adjustment and saves the adjustment as usual. Once saved, a new message appears in Deal History informing users that the payment adjustment has been saved but will not be recorded until approved. |
Step |
Action |
|---|---|
4 |
Additionally, a new To-Do will be enqueued for the approver. All users with the Accounting Approver Can Act As will see the To-Do in Deal History. |
5 |
Clicking on this To-Do takes the approver to the Payment Adjustment workspace where the user may review the details of the payment adjustment and access the Approve/Reject button. Approver must enter any comments related to the approval or rejection of the payment adjustment. |
6 |
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7 |
Approved payment adjustments will be recorded and reflected in Deal Summary on the Summary tile, as usual. A new event in Deal History on the History tile will also be added reflecting the payment adjustment event. |
8 |
If rejected, the payment adjustment is not recorded against the deal and a Correct Payment Adjustment To-Do appears in Deal History. The To-Do is assigned to the user that entered the event and that individual also receives an email notifying them of the rejection. Note: This To-Do will be cleared once it is clicked on and cannot be added manually. |
9 |
This user then goes to the deal and clicks on Correct Payment Adjustment, which takes them to the History Events where they can view the reason for rejection and what needs to be corrected.
|
10 |
The preparer must rerecord the payment adjustment and the approval process starts over. |
Additional Information
Users may not record additional payment adjustments when there are payment adjustments pending approval. A message will appear in the Payment Adjustment workspace stating there is a pending payment adjustment that must be approved before another may be recorded.
Steps for Payment Adjustment Bulk Import (PIW)
Step |
Action |
|---|---|
1 |
A user populates a Payment Adjustment tab of a PIW and navigates to the Bulk Import workspace. |
2 |
After selecting the Payment Adjustment tile, user will see a warning message displayed when the workflow is ‘On’. |
3 |
Validate the PIW. The same warning message remains for this step. |
4 |
After a successful import, a new message appears informing users of the need for imported adjustments to be approved. |
5 |
All users with the Accounting Approver Can Act As will see the To-Do to Approve Payment Adjustment in Deal History. The adjustment will not be recorded until it is approved. |
Step |
Action |
|---|---|
6 |
If you were the user that bulk imported the PIW, you will not be allowed to approve any adjustments. There will be a warning message in the Approve/Reject Payment Adjustments workspace letting you know you cannot approve the event. |
7 |
If you are an Accounting Approver, and you did not bulk import the payment adjustments you will be able to approve the adjustments. |
8 |
In the Approve or Reject Payment Adjustments workspace you are able to click Review Changes to download a report that includes information about all adjustments for that particular schedule. |
9 |
When approving or rejecting, the Accounting Approver will approve or reject all payment adjustments included in the bulk template. |
10 |
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11 |
Approved adjustments are recorded immediately upon approval and Deal Summary will reflect the event. |
12 |
Rejected adjustments trigger a rejection email to the Preparer that include any comments included in the Approve or Reject Payment Adjustment workspace. |
13 |
If adjustments are rejected, Preparer must correct the Payment Adjustment tab of the PIW and reimport to start the approve or reject process over. |
Additional Information
Users may not import additional payment adjustments for any deal when there are pending adjustments awaiting approval. A validation error message will result and import will be prevented.
As with all new features, LeaseAccelerator encourages you to take advantage of the Preview period to explore their functionality.