⚡Quick answer
A fixed month-end deadline makes sure every payment is claimed and settled within the same calendar month, keeping the company’s financial records accurate and clean.
When should I use this guide?
Read this guide if you are an agent who needs to:• understand why the last calendar day of the month is the settlement cut-off,
• know how you will be notified of any outstanding amounts, and
• learn what happens to payments that miss the deadline.
1. Why is a deadline required?
A month-end deadline guarantees that all payments are systematically settled before the books close for that month, maintaining accurate and clean financial records.
2. What must I do before the last date?
• Review every invoice you issued during the current month.
• Claim and settle each corresponding payment before the last calendar day ends.
• Confirm that the Accounts Team has processed each settlement.
3. How will I know a payment is still unclaimed?
On the last date of every month, the Accounts Team emails all agents a file titled “Unclaimed Payments Report.”
Action:
- Open the email on the same day you receive it.
- Review every line item in the report.
- Immediately claim or settle any payment shown as pending.
4. What happens after the deadline?
If a payment remains unclaimed and unsettled after the last date, its invoice is moved into a Suspense Account. The amount stays there until it is claimed and settled in a future cycle.
5. When does this NOT affect me?
Invoices that are fully claimed and settled before the last calendar day never appear in the “Unclaimed Payments Report” and are not transferred to the Suspense Account.
6. Timeline at a glance