Financial periods are any periods you want to preset and report on, whether it’s a calendar date or another period (this can even be longer or shorter than a month if you need it to be!). It is especially beneficial if you are weary of previous financial periods being changed or affected.
This feature is also compulsory if you want to activate compliance or partial allocation.
Setting up
Step 1: Navigate to the 'financial periods' section in your office settings.
Step 2: Add your financial periods one by one, by clicking on the “add financial period” button.
Step 3: Specify the details of the Financial Period:
After you've added your financial periods, it will list your items like this:
You can decide on your own naming conventions, however, we suggest keeping to a number format as set out above to simplify the use of financial periods in reporting.
How it works
You’ve set up your financial periods, great!
On your statements tab, you should see that your first column now has a period linked to it. If not, you can manage your columns to see it.
This period is linked to the dates that have been preset in your settings.
Finalizing your financial period
When you are sure that you have completed all the processes for the financial period (all commission statements loaded, linked and allocated), you can finalize this period.
Navigate to office settings, financial periods, edit the applicable financial period, and click on finalize.
Your financial period is now entirely completed and finalized, and therefore ready for reporting.
Payment Date
The date that specifies when the financial period will be finalized and the payment released.
Reporting
On Partner Allocation reports, Commspace will always include all Allocated and Finalized state commissions.
On any Production report, you can select by your Options whether you want only Allocated, only Finalized, or both.
Under Configurations, we can now add the following fields:
