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Vendor Bank Info Changes - Finance Compliance Issue

CJ Singh on 10/29/2019 8:36:58 PM
Addition or changes to vendor bank information need a workflow for financial compliance.

Addition and changes to vendor bank details - routing, account, swift or anything needed to make electronic payments should be part of Vendor Proposed Changes workflow.

Without this, anyone with access to vendor bank area can update routing/acct # and submit electronic payments. This is a compliance risk and result in fraud/theft.
Category: Procurement and Sourcing
STATUS DETAILS
Completed
Ideas Administrator

Administrator on 2/12/2023 6:45:15 PM

We are pleased to announce that this idea has been implemented and released in 10.0.32. To activate this feature, you need to enable:

  • Vendor bank account change proposal workflow feature in the Feature management
  • Accounts payable parameters > Vendor bank account approval section

Comments

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RE: Vendor Bank Info Changes - Finance Compliance Issue

Robert Collopy on 10/29/2019 8:44:02 PM

Highly agree with this, this is really important to our internal user base!

Category: Procurement and Sourcing