To create a policy for a payment, users should follow these steps:

1. Log into your OFX account: Access your OFX account using your credentials.

2. Navigate to the Approvals Tab: Locate and click on the “Approvals” tab from the main menu or dashboard.

3. Select Policies Section: Within the Approvals area, find and click on the “Policies” subsection.

4. Create New Policy: Look for an option to “Create Policy.” Click this button to start the process.

5. Define Policy Details: Fill out the required fields, including:

• Policy Name: Enter a descriptive name for the policy.

• Ensure you select the "Any payment was created" option from the Start with the trigger dropdown

• Conditions: Specify any conditions that must be met for the policy to apply (e.g., payment amount thresholds, categories).

• Approval Workflow: Define who needs to approve payments under this policy and the sequence of approvals if applicable.

a. Start with the "Trigger".

b. Select the relevant "Condition".

c. Define who needs to "Approve" and sequence of approvals. 

6. Review and Save: Review all entered information for accuracy, then save the policy to activate it within the system.

Why is this page important?
Creating a payment policy is essential for ensuring consistent approval processes, maintaining financial control, and aligning with organizational governance standards.

Next Steps:

1. Regularly review existing policies to ensure they remain relevant and effective.

2. Communicate new policies to all relevant stakeholders to ensure understanding and compliance.

3. Monitor the implementation of the policy to assess its effectiveness and make adjustments as necessary.

Related FAQ Articles:

• How does a user approve a payment?