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How do payment application approvals work in Portfolio Financials?

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 Note
This information is intended for accounts with Portfolio Financials product in Procore. Please reach out to your Procore point of contact for more information. 

Answer

Payment application approvals can be set up in the following two ways:

  • The payment application must always approved by someone.
  • The payment application must only be approved by someone if it exceeds a certain monetary threshold.

After the workflow is set up and a payment application is submitted, it is automatically set to 'Pending'. 

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After clicking Set Up Approval, you will be prompted to set up the approval package for review by those in the payment application approval workflow.

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Step 1: Set Up the Package

When setting up the package for payment application approvals, you can add comments or recommendations in the text box. 

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Step 2: Review Approvers

In this step you need to review the approvers in the workflow.

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Step 3: Review and Send

After you have reviewed the package and approvers, click Send for Approval. 

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After the payment application has been sent for approval, the first approver will be notified by email. From there, they can either approve the payment application (prompting an email to the next reviewer) or reject it (sending it back to the original sender).