Vendor Bank Account Workflow (Out of the box feature)

The vendor bank approval workflow streamlines the process of setting up and managing vendor bank accounts. It ensures that the bank information that suppliers submit is safe, legally sound, and fraud-proof. By identifying and stopping unauthorized changes, this feature lowers the risk of fraud. Business can assess any incoming changes to a supplier’s bank account information, approve them, and validate that the information provided complies with their organization’s standards and rules.

Vendor Bank account workflow is a very common requirement for multiple customers. Since, this workflow was not available out of the box, so a custom workflow was implemented which was time consuming in terms of development and testing. Well, the good news is that Microsoft is bringing this workflow in 10.0.32 version.

This workflow will be controlled by feature Vendor bank account change proposal workflow which can be enabled from Feature Management workspace.

Steps to Set up Vendor Bank Account Workflow

After you have enabled the feature, you can see below options in Account Parameters form.

1. Go to Accounts payable > Setup > Accounts payable parameters.
2. Go to General tab, on the Vendor bank account approval FastTab, set the following 3 fields:

• Bank account approval (create)

Setting it to Yes will ensure all new bank account records require an approval.

• Bank account approval (update)

Setting it to Yes will ensure that approval is required when a user updates existing bank account records using the web client. Approval will be required only for fields where the IsEnabled checkbox is selected in the grid on this FastTab.

• Data entity behaviour (update)

Bank account approval (update) will control updates from user interface. However, the records can be updated from data entities as well. We will get below three options to control these updates.

Allow changes without approval	Records will be updated without going through approval workflow.
Reject changes	The import will fail if it includes updates for protected fields.
Create change proposals	Non protected fields will be updated, and new values will be created for protected fields as change proposal. System will run approval workflow automatically and as normal approver can action on it.

3. In the list of vendor bank account fields, Enable IsEnabled checkbox on fields where you want to set approval required.

4. Save the record and go to Accounts payable > Setup > Accounts payable workflows.

5. Click New button and select Workflow approval for proposed vendor change in the Create workflow dialog form.

6. You can design the workflow in the workflow editor app as per your business requirement.

Once all setup is done, you can test this workflow by creating and updating vendor bank account record from User interface and Vendor bank accounts Data entity.

Track approval status of vendor bank account

Vendor Bank account includes a Review status field to use for tracking its approval status. This field has below values

Draft	Bank Account record is not yet submitted for approval.
Approved	Bank Account record has been approved with all new and updated changes.
Approved, changes not submitted	Previously approved bank account record where protected fields have been edited but haven’t yet been submitted for approval.
Approved, pending changes	Previously approved bank account record where protected fields have been edited and submitted for the approval.

General availability of 10.0.32 version is on March 17, 2023. you can check the schedule from here Service update availability

For more information, go to Vendor bank account workflow