Financial Approval Form (FAF)
The Financial Approval Form (FAF) is used to ensure financial control before placing a Purchase Order. Its primary objectives are to confirm that sufficient budget is available and to obtain management approval prior to committing to a purchase. During the FAF process, a vendor is selected and the requested amount is specified, after which the form can be submitted for approval if required.
Configuration and Submission Process
Step 1 (Optional):
Enable the option “Can select approvers on FAF request form” in the Purchase Options settings. This allows approvers to be selected directly when creating a FAF request.
Step 2 (Optional):
Configure an approval workflow for FAF requests in the Approval Settings.
Step 3:
Navigate to the FAF Requests menu and click New Request.
Step 4:
On the New FAF Request form, enter the following information:
-
Vendor: Select a vendor from the Vendors menu.
-
Reference Number: Enter the reference number manually.
-
Amount Requested: Enter the requested amount.
-
Generated PO Number: Enter the Purchase Order number manually.
-
Department: Select a department from Setup → Support → Departments.
-
Requestor: Select an employee from the selected department. This employee will receive web and email notifications requesting them to sign the FAF request.
-
Approvers (Optional): Select approvers for the FAF request. This section is visible only if the option “Can select approvers on FAF request form” has been enabled in Step 1.
Step 5:
Click Save to create the FAF request.
Step 6:
Open the FAF Request Details page and click Send Approval Request.