Tutorial
@ApprovalMax
Konstantin Bredyuk, CEO and Co-Founder, ApprovalMax As an experienced BPM expert, Konstantin has a strong focus on design and development of Business Applications which support Human Workflows. He is Co-Founder and CEO at ApprovalMax, known for simple and easy to configure approval workflows in finance.
How to do a Budget Check during Bill and Purchase Order approval
More often than not, Bill or Purchase Order approval decisions need to consider an allocated budget. This usually means that Approvers have to contact someone to find out what budget was assigned and how much of that is still available – and then do the maths themselves to figure out if, in terms of budget, the request in hand can be approved or not.
How it works
1) Budgets are defined in Xero using the built-in Xero functionality
How to set it up
The new ApprovalMax Budget Check feature provides Approvers with all budget-related information, such as the total budget and the remaining amount. This way, a fully informed approval decision can be made quickly and effortlessly.
Prerequisite: please ping the ApprovalMax team to switch on this feature for your Company.
2) Budgets are then uploaded to ApprovalMax via .CSV import
3) ApprovalMax checks each Bill and Purchase Order against a predefined budget and calculates how a finance document pending approval fits in with the remaining amount.
1) Download a budget from Xero Go to Reports > Budget manager, select the budget you want to be tracked in ApprovalMax, and click Export > CSV. Please note: you can have multiple independent budgets in Xero, and ApprovalMax can track any number of budgets. Just export them all from Xero and upload them to ApprovalMax. 2) Upload a budget to ApprovalMax Next, the budgets exported from Xero need to be uploaded to ApprovalMax.
Go to “Budgeting” under your Company in ApprovalMax and click “Upload budget”. Then select the .CSV file that was generated in the previous step.
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Please note: a budget in Xero can relate to a particular tracking category, say, Marketing. So, when uploading this budget to ApprovalMax, be sure to select the same tracking category.
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