How do I create payment approval policies or payment thresholds?

Paying business bills on Forwardly comes with extra security and control, along with a full audit trail. If you have Manage access for Payment Approvals, you can decide how much permission is needed for different types of expenses. If a payment request is too high, it has to go through a more careful review and get special approval. Setting up approvals is easy and takes only a few minutes. There are two aspects of Payment Approvals on Forwardly: Approval Policies and Approval Groups.

Approval Policies route bills and invoices received by your business to the right approvers automatically. You can define multiple conditions to ensure that payments are processed only after the required approvals. 

Approval Groups are a quick way to create a predefined set of users responsible for reviewing and approving bill payments. Instead of selecting individual approvers each time you create a policy, you can create and assign an Approval Group to streamline decision-making and enforce approval rules efficiently, simplifying bill payment reviews. 

How to create an Approval Group

1. On the sidebar, click on Settings.
2. Open Payment Approvals and then click on Approval Groups.
3. Click Create Group. 
4. Set a Group Name and Group Description that summarizes the purpose of the Approval Group. 
5. Select the users to add to the Approval Group.
6. Click Create to save the group. 

How to create an Approval Policy

1. On the sidebar, click on Settings.
2. Open Payment Approvals and then click on Approval Policies.
3. Click Create Policy.
4. Set a Policy Name and Policy Description that summarizes the purpose of the Approval Policy. 
5. Click Next. 
6. Add policy conditions for the policy. You can select both Bill Amounts and specific Vendors for the policy to apply to. 
7. You can optionally set an "If, Then" condition for the opposite of the original condition. For instance, a policy that applies to bills from your vendor Maple Syrup greater than $500. 
8. Click Next to save the policy conditions and move to policy approvals. 
9. From here, select either Anyone or All of Select Approvers, which includes both individuals with Approve & Pay Bills Manage permissions and pre-set Approval Groups. 
10. For each Approval Level, you can choose to allow the Selected Approvers to bypass lower approval levels. 
11. Once you're happy with your Selected Approvers, click Next. 
12. Review the policy details, and press Create Policy to make the policy live.