The close option is on the Summary page in an open cycle. Selecting Close will display a popup box asking for confirmation before proceeding. If there are any errors in the cycle displayed in the exception page, then the cycle cannot be closed until the issues are corrected.
Popup after selecting Close in a cycle.
After selecting Continue for the Close, the cycle will display different status messages to indicate progress.
The close is broken down into two parts, one to save and close out the records, and then to generate the Statements. After the close part of the process is completed, another cycle can be generated and even closed while the previous cycle is still generating the statements.
Closing a Cycle will do the following:
- Change status of Transactions that were processed in the cycle to Processed.
- Change status of Chargebacks that were applied to the cycle to Processed unless then they still have an outstanding balance where they will be changed back to open so the balance can be applied in a future cycle.
- Change status of Adjustments that were applied to the cycle to Processed unless then they still have an outstanding balance where they will be changed back to open so the balance can be applied in a future cycle.
- Save the Commission Distribution to new Policies that did not have a prior one set into the Policy.
- Create and save Statements for the Agents.
- Trigger an email to be sent to the Agents that their Statement is ready.