Ideas for the Mambu Banking Engine

4-eyes principle for Journal Entries

What: when posting manual journal entries, a 4-eye principle should be applied, in the sense that an entry created by a user needs to be approved/ authorized by another user before becoming effective. In other words:

  • whenever a Journal Entry is created, the status of this entry should be “authorization pending”
  • there needs to be a screen where a designated user with an "authorizer" role has an overview of the pending journal entries that need to be approved
  • when clicking on any of the entries pending approval, the system should display the originally entered information and give the "authorizer" user the possibility to reject or accept the entry
    • if rejected, the journal entry should be deleted (audit trail should be available of this).
    • if accepted, the journal entry is booked (also with audit trail)

Ideally, the "4-eyes" option should be parameter-driven - i.e. tenants who don't want to apply it should have the possibility to disable it.

Why: reviewing and authorizing journal entries before they are effectively posted on GL accounts is a best practice workflow recommended (and often required) by auditors.  

  • Rodica Levitchi
  • Sep 1 2016
  • Planned
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