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Consolidation Journal Approval Workflow

in Financial Consolidation and Close 1 comment

Summary:

We have a detailed consolidation journal authorization policy with approval bands (e.g. Band 4, Band 5, Band 6) based on:

  • Different thresholds for Income Statement vs Balance Sheet / Cash Flow accounts
  • Approval limits determined by the greater of gross Debits or Credits and specific monetary bands (e.g. $1m, $5m, $10m, Unlimited)

For example, if a journal debits Balance Sheet $0.5m, credits Revenue $1.0m, and debits Expenses $0.5m, this would need Band 5 authorization the $1.0m gross credit to the Income Statement.

Is it possible in FCCS to configure journal approvals based on conditional logic such as:

  • Different approval thresholds for Income Statement vs Balance Sheet accounts
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