Identifying Required Signatories for Bank Operations

Objectives

After completing this lesson, you will be able to:

  • Identify the signatories involved in opening and maintaining bank accounts

Signatory Settings for Bank Operations

The signatory's SAP master data for a bank account includes important information, settings, and rules, including:

  • The signature group (or the payment approver group in SAP terminology) that the payment approver belongs to.
  • The number of people or signature groups who can release money transfers from the bank account.
  • The order of payment approver groups that must approve the bank transfer for payments from this bank account.
  • The maximum transferrable amount for an individual payment.
  • The maximum transferrable amount for a batch payment.
  • Whether the payment approver has the right to make unlimited payments from the bank account.

When you authorize a person, i.e. employee or trustee, to act on behalf of your company or your organization for a specific bank account in SAP, the business data of this person have to be set up in the SAP business partner database. This is only possible if the business partner has the role of Payment approver assigned to them. To access all the personal data of the authorized business partner, you need to enter their ID as the authorized representative.

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