Compliance Steps:
Load Financial Periods
Link & Allocate Statements (Tip: use Item – Status filter instead)
a. Linking: Filter on "Item - Status" is "Not Linked" and link those items.
b. Allocating: Filter on "Item - Status" is "Linked" and click to Allocate.
After Linking & Allocating > Finalize your period.
What happens to the different statement items when a period is Finalized:
Products in a perfect state (Compliant & Allocated)
Before Finalized:
Product Compliant – Yes
Statement Item Status – Allocated
Statement Item Effective Date = Statement Date
After Finalized:
Period Status - Finalized
Statement Item Status – Finalized
Statement Item Effective Date = Statement Date
Products not in a perfect state
Before Finalized:
Product Compliant – No
Statement Item Status – Allocated
Statement Item Effective Date = Statement Date
After Finalized:
Period Status - Finalized
Statement Item Status – Allocated
Statement Item Effective Date = Remains Unchanged (Statement Date). Only when you deallocate the statement (finalized products will remain finalized), and relink, then the effective date will change to the Start Date of first open Financial Period)
Noncompliant > Compliant
Note: the noncompliant product will only be finalized and ready for payouts once it becomes compliant. The effective date of will then be the:
Before Finalized:
Product Agreements: NonCompliant > Compliant
Product Compliant – Yes
Statement Item Status – Allocated > Linked (This will happen automatically after the compliance status change)
Statement Item Effective Date = Start Date of first open Financial Period
Before you can finalize the next period, you need to allocate all linked items
Filter > Item - Status = Linked > Allocate
After Finalized: Following period
Product compliant - Yes
Statement Item Status - Linked
Statement Item Effective Date = Start Date of Financial Period Finalized