Flagging transactions is an essential feature that allows users to highlight transactions requiring further review, ensuring that potential issues are addressed promptly. This feature streamlines communication between teams, helps maintain the accuracy of financial records, and ensures accountability by tracking flagged items through each stage of the workflow.
Why Use Flagging Transactions?
Improved Accuracy: Helps identify and resolve discrepancies in financial data before they impact reporting.
Streamlined Communication: Enables quick and clear communication between users, clients, and agents by highlighting items that need attention.
Reduced Errors: Flags allow users to catch missing or incorrect information early, preventing errors from propagating through the system.
Key Features
Easy Flagging: Users can easily flag transactions in various modules (AP Inbox, Invoice Approval, Payments Page, Bank Sync) for further review.
Transaction Tracking: Flagged transactions retain their status even as they move through different stages of the workflow, ensuring they are addressed at each step.
Review & Resolution: Once flagged, the relevant team can review and resolve the issue, either updating the transaction or marking it as complete.
Use Cases
AP Inbox: Flag invoices missing key information such as vendor details or invoice numbers.
Invoice Approval: Flag discrepancies during the approval process, such as mismatches between invoices and purchase orders.
Payments Page: Flag issues before payment processing, such as missing authorizations or incorrect payment terms.
Bank Sync: Flag unmatched transactions identified during bank reconciliations for further investigation and action.
Steps to Flag a Transaction
Locate Transaction: Navigate to the relevant transaction in the system (AP Inbox, Payments, Bank Sync).
Flag for Review: Use the triple-dot menu next to the transaction and select “Flag for Review.” A pop-up will allow you to add notes and reasons for the flag.
Monitor Status: Flagged transactions will appear in the Communication Inbox for the relevant teams to review and resolve.
Resolve or Complete: Once the transaction is reviewed, users can update the record or mark it as complete.
Benefits of Flagging Transactions
Increased Efficiency: Flagging helps prioritize and expedite the resolution of problematic transactions.
Visibility: Provides an at-a-glance view of all flagged transactions, helping teams stay on top of critical tasks.
Accountability: Ensures that flagged transactions are properly tracked and addressed, minimizing financial discrepancies.