Define Transaction Approval Configuration

You can select the transaction types for which you want to define an approval process, which are honored by CL Loan. This is done by defining the transaction approval configuration setting. If you do not select a transaction type here, such transactions are cleared without the associated job being run based on some default actions that are defined. 

For the selected transaction types, you must create an approval process on the selected object. The system checks whether an approval process is set up when such a transaction is processed. For example, when a payment is received, if an approval process is defined on the Loan Payment Transaction object, the system waits for the approval, else the system assumes it to be approved.

By default, these configurations are not set up in CL Loan. 

Prerequisites

None.

Steps

 To define the Transaction Approval Config:

1. Log in to your Salesforce account.

2. Go to (Setup) > Setup.

3. In the Quick Find search box, search for Custom Settings.

4. Click the Custom Settings option and Click T.

5. Click Transaction Approval Config.

   Note:

   The list of transaction types is displayed. You can define more transaction objects by clicking New. For example, Accounting, Loan Payment, and Loan Disbursal.

6. Click Manage.

7. Click Edit and select the checkbox as required from the following options and click Save.

   For example, select Loan Payment to create an approval process for payments made by borrowers. You must keep the Loan Payment checkbox deselected if you wish to enable auto-clearing of payments. 

   Field	Description
   Loan Disbursal Reversal	Selecting this checkbox enables the approval process for funding reversal.
   Investor Deposit	De-selecting this checkbox clears the transactions of investor fund without running the relevant job.
   Loan Payment	De-selecting this checkbox clears the payment without running the relevant job. Selecting this checkbox will not clear the payments. To clear the payment, one must run the relevant job or manually do it in contract.
   Accounting	Selecting this checkbox enables the approval process for accounting.
   Loan Disbursal	Selecting this checkbox enables the approval process for funding. De-selecting this checkbox generates an auto approval for clearing the payments without running the relevant job.
   Loan Payment Reversal	Selecting this checkbox enables the approval process for payment reversal.
   Write Off	Selecting this checkbox enables the process for loan write off.