A policy is a formal guideline or rule established within an organization to govern specific processes, behaviors, or actions.

Policies can specify who needs to approve different types of financial account activities and transactions, under what conditions approvals are required, and the sequence of approval steps.
Policies are segmented into each product: expenses, budgets, payments & bills.  

Users can create multiple policies for each product.

Only one policy can apply to an activity in the account at a time. If multiple policies are created, the priority order determines which policy is applied.

 In the context of the OFX platform, policies are used to:

1. Define Approval Processes: Policies outline the steps required for obtaining approvals on various transactions, such as payments, expenses, and budgets.

2. Set Criteria: They establish criteria that determine which transactions require approval and who the designated approvers are based on factors like amount, type, or department.

3. Ensure Compliance: Policies help ensure compliance with internal controls and regulatory requirements by standardizing procedures across the organization.

4. Enhance Accountability: By clearly defining roles and responsibilities, policies promote accountability among employees involved in financial transactions.

Why is this page important?
Understanding what a policy is essential for effective governance and control within an organization, ensuring that all financial activities are conducted according to established guidelines.

Next Steps:

Review existing policies within your organization to understand their scope and application. Do the following steps to review existing policies:

a. Log into your OFX account. 

b. Navigate to Approvals side bar menu option. Click on Policies. 

c. A set of policies is presented. The default tab is the Expenses policies. 

2. Participate in discussions about policy development or updates to align them with organizational goals.

3. Ensure that all team members are aware of and adhere to relevant policies when processing transactions.

Related FAQ Articles:

• What is the Approvals tab?

• How does a user create a policy for a payment?

• How does a user create a policy for an expense?

• How does a user create a policy for a budget?

• How does a user create a policy for bills?

• How does a user view a policy?

• How does a user edit a policy?