How to manage credit limits, approvals etc in sales cycle?

If you want to set up credit limit for customer/Vendors, credit period and overdue warning, you can follow these steps:
Step 1: First, you need to enable the credit limit feature by going to the Administration tab on the top menu bar and clicking on Configurations.
Step 2: Under Configurations, select Features / Options and then click on the Accounts tab. Here, you will find the Credit Limit option. Just click on the checkbox to turn it on and save.
Step 3: Now go back to Administration tab and click on Masters.
Step 4: Under Masters, select Account and then click on Modify. This will open a list of your accounts that you can choose from.
Step 5: Select the account that you want to set up a credit limit and when you resave that a window appears for credit limit you can mention there.
Step 6: Further if your Bill by Bill feature is enabled then in account master you can mention Credit days for Sale / Purchase to set up credit period.
Step 7: You can set up warning for overdues from "Warning Alarms" option under the Configuration tab.
If you want to set up approval for transactions, you can follow these steps:
Step 1: Go to Administration and click on configuration. 
Step 2: Select Features / Options and click on Enterprises Features. 
Step 3: Here, you will a feature called "Enable Voucher / Master Approval", set Y on that to turn it on.
Step 4: Now, click on Configuration and select Vouchers for transaction.
Step 5: Enter your voucher type, voucher series, users who can approve, allow printing, etc as per the requirements and save the configuration.
Step 6: The the user you assign for approval can approve the transaction under the Check List in the Display menu.
Further can go through out video tutorial and help document available with feature for more information.