Requested Fund Accounts Table

The Requested Fund Accounts Table is a detailed module designed for managing and tracking fund requests, approvals, and disbursements within an organization. This table is often used in conjunction with financial documents to record expenses, manage payable accounts, and track approval workflows. Below is a guide to help users understand and manage entries in this table.

Overview This table serves as a repository for detailed information about fund requests, including the request amount, expense type, currency, party details, and status of the request. The table also supports multiple levels of approval and tracks the entire request lifecycle from creation to disbursement.

Field Descriptions

Here is a breakdown of each field in the Requested Fund Accounts Table and its purpose:

Disburse Funds

• Description: Initiates the disbursement of funds. This button is enabled when the request is ready to be processed but is disabled if a journal entry has already been created.

Expense Type

Description: Specifies the type of expense for which funds are requested. This field becomes read-only once the request has been approved.

Request Description

• Description: A brief description of the request, providing context and details about the nature of the expense.

Request Amount

• Description: The amount of funds requested. This field is required and becomes read-only after the request is approved.

Request Currency

• Description: The currency in which the funds are requested, linked to the system’s currency list.

Party Type

• Description: Defines the type of party involved in the transaction (e.g., an employee, supplier, or agent). This field becomes read-only after the request is approved.

Party

• Description: The specific party associated with the request (e.g., the name of the employee, supplier, or agent). This field becomes read-only after the request is approved.

Invoice Number

Description: The invoice number associated with the requested funds, if applicable. This field is read-only.

Quotation/Invoice Attachment

• Description: Allows attaching a quotation or invoice document as a reference.

Conversion Rate

• Description: The exchange rate used for currency conversion, if applicable. This field is hidden and defaults to

1.Posting Date

• Description: The date on which the request was posted. This field is read-only.

Expense Account

• Description: The account from which the expense is to be paid. This field is fetched automatically from the expense type and is required.

Payable Account

Description: The account to which the payment is due. This field is fetched automatically from the expense type and is required.

Payee

• Description: The name of the payee, if different from the party listed.

Comment

• Description: Additional comments or notes related to the request.

Requested By

• Description: The user who created the request. This field is read-only.

Requested On

• Description: The date and time when the request was made. This field is read-only.

Recommended By

• Description: The person who recommended the request for approval. This field is read-only.

Recommended On

• Description: The date and time when the recommendation was made. This field is read-only.

Recommender Comment

• Description: Comments from the person who recommended the request.

Approved By

• Description: The name of the person who approved the request. This field is read-only.

Approved On

• Description: The date and time when the request was approved. This field is read-only.

Approver Comment

• Description: Comments from the approver, explaining the approval decision.

Accounts Approved By

• Description: The name of the accounts personnel who approved the request. This field is read-only.

Accounts Approved On

• Description: The date and time when the request was approved by accounts. This field is read-only.

Journal Entry

• Description: Links to the journal entry created when funds are disbursed. This field is read-only.

Required On Date

• Description: The date by which the requested funds are needed. This field is read-only once the request is approved.

Workflow

Initiating a Request

• When a fund request is initiated, the user fills in the details such as the expense type, amount, currency, and party details.

• Supporting documents such as invoices or quotations can be attached.

Approval Process

• The request moves through several stages of approval, including recommendation and final approval. Each approver can add comments to explain their decision.

Disbursing Funds

• Once the request is approved, the "Disburse Funds" button becomes active, allowing the user to initiate a journal entry that records the disbursement.

Tracking and Reconciliation

• All approved requests can be tracked using the journal entry created. The status of the request and the associated accounts are also updated throughout the workflow.