How to Withdraw Company Balance

Modified on Wed, 24 Jan 2024 at 04:16 AM

Learn the essential steps in withdrawing your company balance, ensuring a smooth and hassle-free process for releasing your funds back to your pocket.

Withdraw Company Balance in Jack Portal
Approve or Reject Withdrawal Request in Jack Portal
Approve or Reject Withdrawal Request in Jack App
Release a Withdrawal Request as a Releaser
Release or Reject a Withdrawal Request in Jack Portal
Release or Reject a Withdrawal Request in Jack App
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Welcome to our comprehensive guide on how to withdraw your company balance. Anyone who is assigned as a Requester can withdraw company balance from Jack Portal (not available in Jack App yet), which then will go through the approval workflow by Approver and Releaser. Drafter, Approver, and Releaser have been appointed since the beginning using the approval workflow (read here). Please note that the withdrawal request can only be done by the Business Owner, Admin or Bookkeeper.

There are 4 simple steps to create a withdrawal request in Jack Portal:

Withdraw Company Balance in Jack Portal

1. Log in to Jack Portal and navigate to the Dashboard menu. Click the Withdraw button below the company balance amount.

2. Enter the amount that you want to withdraw. There is no minimum and maximum amount to withdraw your balance (read more here). Next, check the Recipient Bank details, and select the transaction category (optional or mandatory depending on your setup). If it’s already correct, click Withdraw.

Please note that when you request a withdrawal of your company balance, the funds will be transferred to the bank account number you provided during the Know Your Business (KYB) process. It is essential to ensure that the registered bank account number is accurate and up to date to avoid any delays or complications in receiving your funds. If you want to edit your company bank account, you can go back and go to Settings menu → Bank Accounts. Read the complete explanation here.

3. Congratulations! Your withdrawal has been successfully submitted. Please wait for Approvers and Releasers to review your requests first before it’s transferred to your account.

4. You can check your withdrawal transaction by going to Transactions in Jack Portal and filter by Type = Withdrawal.

Review a Withdrawal Request as an Approver

After the Requester submits the withdrawal request, the transaction status will remain as Pending Approval. It means there’s the action required from Approver and Releaser to approve and release the withdrawal for the request. Approver and Releaser have been appointed since the beginning using the approval workflow (read here). Approve or reject a transaction can be done easily via Jack Portal and Jack App.

Approve or Reject Withdrawal Request in Jack Portal

1. Log in to Jack Portal, then navigate to the Task menu located on the left sidebar. Within this section, you will find the Require Approval section, which provides a list of transactions that need to be reviewed and approved by you as the approving authority. Select a transaction or several transactions (tick the box to select some) to start reviewing. In this article, we’ll only guide the approval process for one request, you can read here if you want to review several requests at once.

2. When a transaction details window appears, review it thoroughly. If you decide to reject the transaction, click the Reject button. You can provide a reason for rejection before clicking the Reject Request button. This action cannot be undone, so please be careful!

If the Approver chooses to reject the request, the request status will be updated to "Canceled".

3. If you decide to approve it, make sure the transaction details and the total amount is correct. Then, proceed by clicking the Approve button and enter your unique Personal Identification Number (PIN). After entering your PIN, click Confirm to give the approval.

4. Congratulations! You have successfully approved a Withdrawal request. Close the page and review other requests.

The Withdrawal request status will remain in "Pending Approval" until it is approved by the Releaser. Only then the transaction will be paid to the recipient, the request status will be updated to "Success".

Approve or Reject Withdrawal Request in Jack App

1. Open the Jack App, in the Home menu, you will be able to see the pending tasks, as well as alerts and and attention items. Click on See all to view all pending tasks.

2. Click Require Approval.

3. Choose the withdrawal transaction that you wish to review. Select a transaction or several transactions (tick the box to select some) to start reviewing. In this article, we’ll only guide the approval process for one request, you can read here if you want to review several requests at once.

4. You can see the details of the Withdrawal request. Decide whether to Approve or Reject it.

5. If you choose to approve the Withdrawal request, a confirmation slider will appear from the bottom of the screen, click Approve to confirm the Withdrawal approval.

6. Input your Jack PIN correctly.

7. Congratulations! You have successfully approved the Withdrawal request.

8. However if you choose to reject the request, you will be prompted to fill in the rejection reason for the balance transfer. Click Reject to proceed to the next step.

9.You have successfully rejected the Withdrawal request.

Approve or reject a transaction request can also be done via the Transactions menu by selecting the transaction you want to approve or reject, then do the similar approval process from there.

Release a Withdrawal Request as a Releaser

After getting the approval from Approvers, the transaction status is still Pending Approval and the last step is getting the approval from Releasers. Releaser is a special type of Approver who possesses the authority to release funds for approved transactions, enabling the completion of the financial transaction. Learn the difference between Approver and Releaser here. Approve and pay or reject a transaction can be done easily via Jack Portal and Jack App.

Release or Reject a Withdrawal Request in Jack Portal

1. Click the Task menu located on the left sidebar. Within this section, you will find the “Release Payment” section, which provides a list of transactions that need to be reviewed and approved by you as the approving authority. Select a transaction or several transactions (tick the box to select some) to start reviewing. In this article, we’ll only guide the approval process for one request, you can read here if you want to review several requests at once.

2. A transaction details will pop up on your window, review it thoroughly. If you decide to reject the transaction, click the Reject button. Next, you can fill in the reason for rejection before clicking the Reject request button. This action can not be undone, be careful!

If the Releaser chooses to reject the request, the request status will be updated to "Canceled."

3. If you decide to approve and pay the transaction (release the transaction), make sure the transaction details and the total amount is correct. You can not edit the amount once released. If your company balance is insufficient, you can top up your balance first by following the guidelines here. Finally, click the Approve & Pay button.

4. You are prompted to input your PIN, then click Confirm to confirm your approval to release the payment for the Withdrawal request.

5. Finally, you have approved and released the payment for a Withdrawal request successfully. Click the Close button and start reviewing other approval requests.

The Withdrawal request status will be updated to "In Progress" and will be updated to "Success" when the Withdrawal is paid according to our Service Level Agreement (SLA). To learn more about our withdrawal SLA, you can read in this article.

Release or Reject a Withdrawal Request in Jack App

1. Open the Jack App, in the Home menu, you will be able to see the pending tasks, as well as alerts and attention items. Click on See all to view all pending tasks.

2. Select Release Payments.

3. Choose the withdrawal transaction that you wish to release. Select a transaction or several transactions (tick the box to select some) to start reviewing. In this article, we’ll only guide the approval process for one request, you can read here if you want to review several requests at once.

4. You can see the details of the Withdrawal request. Decide whether to Approve & Pay or Reject.

5. If you choose to approve the withdrawal request, a confirmation slider will appear from the bottom of the screen, click the Approve & Pay button to confirm your approval.

6. Input your Jack PIN correctly.

7. Congratulations! You have released the payment for the Withdrawal request.

8. However, if you choose to reject the request, you will be prompted to fill in the rejection reason for the balance transfer. Click Reject to proceed to the next step.

9. Your withdrawal release has been rejected.

Release payment for a transaction request can also be done via the Transactions menu by selecting the transaction you want to approve or reject, then do the similar approval process from there.

If you still have not received the funds for a while or the transaction status shows ‘Failed’, reach out to our dedicated Account Manager. We will help you investigate the transaction and resolve it promptly.