New Feature: Segregation of Duties Workspace

November 2022

With this release, we’ve enhanced our segregation of duties features even more by adding a self-service workspace, which allows customers to turn on or off specific approve/reject workflows as needed.

Overview

Customers can now enable or disable Approve/Reject workflows directly through the user interface. The new workspace includes options for all existing Approve/Reject workflows, including lease origination, deal modifications, and end-of-term processes. Since all segregation-of-duties workflows are optional, these features are disabled by default unless a specific workflow was previously requested to be enabled.

Each workflow creates a final approve/reject step that must be executed in the UI after the entry of data by the preparer, whether that is new deals, deal modifications, or end of term activity.

Once the Approve/Reject workflow is enabled, an approver can view the deal but cannot make changes. A booked and classified deal remains in Pending Approval status until it is reviewed and approved. For end-of-term events, all Termination, Disposal, Return, Renewal, and Impairment events are staged for approval before being recorded against the deal. Journal entries are created; however, the Ledger Export report displays Pending Approval in all cells for segments 3 and 4. This prevents successful ERP transfers and ensures a review of the accounting before finalization.

With these workflows, deals that have not been approved can have either a status of Incomplete or Pending Approval, depending on the path the deal has undergone. The paths are approval and rejection and specific details on each workflow may be found in the related product advisories or our comprehensive LeaseAccelerator User Guide to Segregation of Duties.

Workspace Requirements

Access Level Assignment

Visibility of the new Segregation of Duties workspace is restricted to Power Users and System Admin Users. Custom access levels may be granted visibility by submitting a Support case.

New Deal Workflows

For a new deal, this workflow adds a final Approve/Reject step after lease entry. When a preparer (typically an Accounting Analyst) enters a new deal, an Accounting Approver must approve or reject it before it becomes active. You can enable the workflow for both UI and import processes for new deals and modifications by selecting the appropriate checkbox and clicking Save.

When a specific workflow is checked, you’ll see text reminding you that this workflow will require a separate approver for any schedules entered through the specific workspace or import.

Record Asset Event Workflows

This workflow enables a final approve/reject step after the entry of an EOT event. When a preparer enters a new event, an Accounting Approver will need to approve or reject the event before it becomes active. You can turn on the workflow in the UI for all EOT events by checking the appropriate box and clicking Save.

This workflow is only applicable for events entered via the UI.

Additional Information

When the workflow is on, users that are neither an “Accounting Analyst” nor an “Accounting Approver” will only be able to enter, book, and classify (as allowed by permissions) and will not be able to approve a lease. This applies to Power Users, as well.
Deals created prior to turning on the workflow will not be eligible to go through the approve/reject workflow when it is turned ‘on’.
Likewise, deals created when the workflow is on and are in Incomplete or Pending Approval status, must proceed through the approve/reject workflow, even if the feature is turned ‘off’.
When the MDIW import workflow is turned ‘on’, any modifications coming in via API will also go through the steps for approve/reject.
You may only make changes to one section at a time and must click Save in the appropriate section.
There is no bulk approval at this time.