Creating an approval procedure for this would not be possible. Approval procedures need a Document to be selected when setting up the Approval template..and there is no template for Incoming Payments.
Therefore you would have limited options and one of them would be to use the SBO_SP_TransactionNotification stored procedure.
Please search the forum for SBO_SP_TransactionNotification and you should see some examples and link to notes.
Rgds
Kennedy