Specific Approvals: Cash Transactions

Maintaining strong control over cash flow is crucial for any company. Your company achieves this through several key practices: accurate recordkeeping, distinct separation of duties, and periodic reconciliation of bank accounts.

Your company can further strengthen internal controls by implementing an approval workflow for cash transactions that users create on the Cash Transactions (CA304000). You can implement one of the following strategies:

• Designating separate approvers: Assign different employees to approve disbursements and receipts, preventing individual conflicts of interest.
• Using amount-based approvals: Implement different approval requirements based on the transaction amount. Higher amounts could require approval from senior staff, a workgroup or several employees, while smaller amounts may require no approval at all.

In MYOB Acumatica, you can set up the approval functionality for cash transactions so that they can be released only after they have been approved by the authorized employees.

Configuration of the Approval Workflow for Cash Transactions