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Set Your Initial Finance Settings

Published on: Fri, 3 Mar, 2023 at 3:41 AM | Updated on: Thu, 26 Sep, 2024 at 1:16 AM

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During your onboarding, you'll set up your program's initial finance settings. These settings control when actions that partners drive will lock and when they should receive their commissions.

impact.com recommends the configuration outlined below as a good starting point for your brand. Always defer to your onboarding team for help if you need to customize your setup further.

Step 1: Configure Statement of Invoice (SOI) settings

The SOI coincides with an invoicing strategy—all of your obligations for a given billing period are tallied up in the SOI, and you'll deposit funds into your account so they're settled by the due date specified.

You should set your SOI settings so that the document only includes a tally of partner invoices and so that all of your Finance contacts receive the document when it is generated. Learn how to configure your SOI settings.

Invoice prioritization: You should fund your account to cover both your impact.com invoices and the SOI. If you do not fund your account enough to cover both, funds will first go towards settling your impact.com invoice, which might lead to overdue partner invoices. Learn more about how invoices are prioritized.

Step 2: Set Action Locking/Payment Scheduling Periods

Learn how to set up action locking/payment scheduling periods. We recommend that you set actions to lock 27 days after the end of the month, and schedule payments to go out 20 days after the actions lock.

Step 3: Add a primary Finance Contact

Finance Contacts will receive all financial documents and notifications from impact.com. You can provide more Finance Contacts by selecting [Edit] next to Other Contacts(s) and entering their email addresses, separated by commas.

You likely will have already provided this information to impact.com. Just to be safe, double-check that what you have listed is still up-to-date.

From the left navigation menu, select [Menu] → Finance.
From the left navigation menu, select Settings → Billing Groups.
Hover over the applicable billing group then select [More] → Document Settings.
In the General section, under Primary Contact, select either Existing Account User or New Contact.
- Existing Account User: If your Finance Contact already has an impact.com account and has it set up, select the contact from the drop-down menu. This user needs to be granted the Finance permission, which gives them access to all finance actions.
- New Contact: If your Finance Contact has not set up an impact.com account yet, enter your contact's information.
Select Save.

Step 4: Optionally, add a Vendor Code

If your accounting team requires a vendor code to appear on your invoices, then you can set one up from the Billing Groups screen.

From the left navigation menu, select [Menu] → Finance.
From the left navigation menu, select Settings → Billing Groups.
Hover over the applicable billing group then select [More] → Document Settings.
In the impact.com Invoices section, enter the desired Vendor Code.
Select Save.

Step 5: Submit your billing address

The last step in setting up your finance settings is to provide your billing address to impact.com. This is the address that will be listed on all your invoices from impact.com.

You will likely have already provided your address under your Account Information, but you may wish to provide an alternate address for bills as follows:

From the left navigation menu, select [Menu] → Finance.
On the left, select Settings → Billing Groups.
Hover over the applicable billing group, then select [More] → Document Settings.
In the impact.com Invoices section, [Toggle on] Alternate billing address and specify the address details.
Select Save.

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