Fulfillment– Fulfillment records act as a comprehensive ledger, providing a detailed view of all payments.
Introduction
When you decide to process and issue payments to collaborators, you create a fulfillment. In Siren, a fulfillment consolidates many obligations into individual payout records for each collaborator. When creating a fulfillment, a specified set of obligations are tallied and converted into payout records, one for each collaborator.
Fulfillment Created
An empty fulfillment record is created, and all of the obligations are prepared for calculation.
Obligations Are Calculated
Pending obligations are tallied up by adding the total amount of obligations owed for each collaborator.
Payout Records Added
For each collaborator, an unpaid payout record is added to the fulfillment. The amount for the payout is set equal to the total of the obligations for that collaborator.
Obligations Marked as Complete
All obligations that were tallied up in the calculation step are marked as “complete”, and the fulfillment record is associated with each obligation.
Fulfilling Payouts
Once the payout records are established, they can be managed in a couple of different ways. For those looking to automate the process, payouts can be exported as a CSV file and automatically marked as “paid”. This file can then be used with various payment platforms to streamline and automate the disbursement process.
Alternatively, payouts can be managed manually, where each payout record is individually marked as “paid” once the payment is completed.
As you process each individual payout within a fulfillment, the record allows you to mark payments as complete, and handle any exceptions or special cases that may crop up during the payout process. This step-by-step management helps maintain a systematic approach to disbursing funds, ensuring that each collaborator is paid according to the agreed terms and timelines.
Reviewing Historical Fulfillments
Fulfillment records provide a clear and detailed view of all payments made to collaborators. This transparency is crucial for maintaining trust between you and your partners. It allows both parties to see the exact amount paid, and the date of payment, and the obligations that led to these payments.
With every payout grouped into a fulfillment record, it becomes easier not only to track financial activities but also to manage the payment process itself. Each fulfillment record acts as a comprehensive ledger of what is owed and what has been paid.
A fulfillment record is an invaluable asset during financial audits, dispute resolutions, or when reviewing past transactions. It serves as proof of payment, offering a definitive reference that details each transaction within the fulfillment. This transparency and accountability are crucial for resolving any discrepancies quickly and efficiently.