Difference between revisions of "Transaction Approvals"
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! '''Option''' !! '''Description''' | ! '''Option''' !! '''Description''' | ||
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| − | | ''' | + | | '''Actions''' || No account ownership status |
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| − | | ''' | + | | '''Approve/Approval all/Unapprove''' || This means that two or more accounts share equal ownership in the investment. If either owner dies, the investment transfers to the survivor(s). Ownership is shown in the Account block as an "AND" relationship, i.e., "Mr. Robert Smith AND Mr. Josh Jones" |
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| − | | ''' | + | | '''Type''' || Tenants in common have equal rights of possession. Upon the death of one party, the heir inherits the share. For example, two individuals own an investment with the ownership of tenants in common. One of the owners passes away, and has designated her son as heir. The son is now tenants in common on the investment, along with the surviving original owner. Ownership is shown in the Account block as an "OR" relationship, i.e., "Mr. Robert Smith OR Mr. Josh Jones" |
|- | |- | ||
| − | | ''' | + | | '''Status''' || Indicates that the account holder is the sole owner of the investment |
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Revision as of 18:34, 19 August 2015
Contents
Overview of Transaction Approvals
Transaction Approvals allows for approvals on Investment, Loan, Line of Credit and Portfolio transaction types. You will be able to select which transactions across each of the four submodules requires approval and one universal transaction approval screen (this replaces the three existing approval screens as of the August 2015 Delta).
Investment Module
In the Investment System Settings screen (Financial Services --> Investments --> Setup), there is an Approvals tab:
Line of Credit Module
In the System Settings screen (Financial Services --> Line of Credit--> Setup), there is an Approvals tab:
Loan Module
In the Loan System Settings screen (Financial Services --> Loans--> Setup), there is an Approvals tab:
Portfolio Module
In the Portfolio System Settings screen (Financial Services --> Portfolio--> Setup), there is an Approvals tab:
Transaction Approvals (IL187)
This screen allows for approvals to be applied. From this screen, you will be able to view and/or update the account, source (Investment, Loan, Line of Credit or Portfolio) or TaxID (for the Constituent) record. You can also view the transaction detail screen on each transaction.
| Option | Description |
|---|---|
| Actions | No account ownership status |
| Approve/Approval all/Unapprove | This means that two or more accounts share equal ownership in the investment. If either owner dies, the investment transfers to the survivor(s). Ownership is shown in the Account block as an "AND" relationship, i.e., "Mr. Robert Smith AND Mr. Josh Jones" |
| Type | Tenants in common have equal rights of possession. Upon the death of one party, the heir inherits the share. For example, two individuals own an investment with the ownership of tenants in common. One of the owners passes away, and has designated her son as heir. The son is now tenants in common on the investment, along with the surviving original owner. Ownership is shown in the Account block as an "OR" relationship, i.e., "Mr. Robert Smith OR Mr. Josh Jones" |
| Status | Indicates that the account holder is the sole owner of the investment |
Security
Two security settings are applied to IL187. ILAPPR for general transaction approval and ILAPPRSU for super-user level transaction approval. The difference between the two settings is that ILAPPR does NOT allow the user to approve their own transactions, as well as they cannot unapproved transactions approved by someone else
Notes
- This was implemented in the August 2015 Delta (R44894)
