Bank Account Security - Second authorization needed

In another step to protect your business and the Owner's money, we have added a second level of security to the changing or adding of Owners, Supplier, Tenant and System Bank Accounts.

If a User changes or adds a bank account, Palace will display the "Account number is pending authorization from "Administrator" (date and time) and it will have an Approve or Decline button (This is only visible to those with Administrator approval under the Authorities area in the User area)
 and send an email to the Administrator (everyone with Administrator approval) to ask them to approve it.bank_access.png

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The Email to the Administrator will have the following information

  • Who the user is that is requesting the change
  • What was the old Bank Account Number (if there was one)
  • What the new Bank Account Number will be
  • How many times this bank account number has been changed
  • A link to the bank Account screen in Palace where the "Approve" or "Decline"  button is displayed (Please note you must be already logged in to Palace to use this link, otherwise you will be navigated to the login screen)

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Once the Administrator has approved the change, Palace will update the Bank Account area to show the change

If the Administrator declines the change, it will go back to what it was

Note: You may want to contact the user who requested the change to say why it was declined

Important things to take note of:

  • Owners that have a pending bank account will automatically be placed on 'Hold' and will be missed from owner payments.
  • You cannot change the payment frequency on an owner until the account number has been approved or declined.
  • Tenants that are set to Direct Debit, who have pending account numbers will also be missed off the Direct Debit generation.

Owners or tenants with pending bank accounts are taken off the payment or DD list to simply avoid any errors or issues with paying or taking funds from the incorrect bank accounts.

 

To set this up

  • Go to System
  • Settings and Click on Policies Tab
  • On the left-hand side (Under the subheading 'Company'), about halfway down you will see the option Add Bank Account Administration Approval Required (Yes/No)
  • Make the change
  • Click save and close

All changes will show in the change log

 

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