Shared Transactions Approval Process of Allocation Journal Entries
Overview
Unlike other transactions, Shared Transaction allocation journal entries do not have an additional approval process. This is because Shared Transactions is integrated within the approval process of the underlying source transaction. Any transaction, such as a bill or a journal entry, will either be Pending for Approval or Approved. Here is how these two situations will affect the timing of the Shared Transaction allocation journal entry:
Source Transaction is Pending Approval
If the underlying source transaction has not been approved yet, you can still go ahead and apply a template or select any allocations. Although you apply templates, no Shared Transaction journal entry will post yet. Rather, the system will wait for the underlying journal entry or bill to be approved. Once the source transaction is approved, the Shared Transaction journal entry will post. This Shared Transaction journal entry will not require further approval.
Although the journal entry does not post until the source transaction has been approved, you are able to view a preview of what the allocation will look like. Once you have applied different templates and have saved the transaction, a new subtab called "Allocation Preview" will appear. Click into this subtab to see a preview of your allocation.
Source Transaction is Approved
In this situation, the underlying source transaction has already been approved and no Shared Transaction template has been applied yet. Even if the source transaction has already been approved, you can still apply a Shared Transaction template or make any 1:1 line-item allocations. Of course only employees with the correct permissions can do this. Once you add any allocations to this transaction, the Shared Transaction journal entry will post right away. No additional approval is required. This is because the underlying transaction has already been approved. If a mistake is made or an incorrect template has been applied, this can easily be updated and corrected.