Within ampsuite, finalising of an accounting period means just that there is no more possibility for further edits, adjustments or sales. By finalising your accounting period there can be no further changes and any mistakes or missed sales / adjustments will need to be made in the next accounting period.
We recommend making the last period final just before you plan to run the next period, this way you are able to make changes to the previous period right up until the next one is about to be run.
By implementing this system, you will ensure that no paper-trail mistakes can occur with your Licensors. You will also be able to reassign recordings to different Licensors or contracts without causing errors within previous accounting periods. For example, by sending out multiple different statements for any given accounting period you could create discrepancies or misunderstandings with your Licensors. By finalising, there can be a truly accurate trail of payments and money-owed which will be finalised within ampsuite so that no further changes can cascade into previous accounting periods and cause mismatching problems between you and your Licensors.
Before finalising, it is always worth double-checking that your imported sales sheets have been approved and all errors have been fixed.
To finalise a statement period, click the red Draft status indicator next to it.
Once finalised the Draft status will change to Final, and the 'Refresh' and 'Delete' options will no longer be available from the options menu for that run.
IMPORTANT: Making a statement run final will prevent further changes being made to statements and imports in that period. Once an accounting period has been finalised, there will be no opportunity to make further edits. Any mistakes will need to be rectified in the next accounting period.