Creating Fund promotions follows a similar process to creating standard promotions, but with a few key differences outlined in this article.
This article will guide you through:
- Starting the approval workflow for a fund promotion
- Fund promotions cost approval
- Unlocking a fund promotion
Looking for something else?
- Looking to approve an agreement other than a promotion? Learn how to approve a trading program here, approve a claim here, or a special pricing agreement here.
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Alternatively, see our Help Center to learn more about funds and promotions.
Starting the approval workflow for a fund promotion
Once you’ve added all the necessary details to the promotion, linked it to the fund and saved it, you can now begin the approval process needed to sign off the promotion.
To begin the approval process for your fund promotion:
Step 1: Locate and access your fund promotion via the listing.
Step 2: Before the approval process is started, navigate to the Collaborators tab and select the collaborators required for the external part of the sign off. Once collaborators have been selected, click Save. Note: If a deal type without collaborator sign off has been selected, selecting collaborators for sign off will not involve them in the workflow.
Step 3: Within the Details tab, ensure at least one Condition has been added.
Step 4: Within the Details tab and Mechanism section, ensure that the correct Deal type has been selected. The workflow for the revenue portion of the promotion will use the hierarchy set up against the selected deal type of the promotion.
Step 5: Click on the Submit for approval button in the bottom left. The status of the promotion will automatically change from Draft to Submitted for workflow.
The Approval tab will now display a list of all users and collaborators who need to sign off the promotion, in the order they’ll be invited.
Approving a fund promotion
Each user will receive an email inviting them to sign off the promotion once it reaches them. Internal users will be able to see all details of the promotion when accessing it for sign off, and the collaborator’s view will depend on what was selected for Visibility on the Promotions section of the details tab.
To approve a promotion pending your sign off:
Step 1: Once you have navigated to the relevant fund promotion, review the Details tab.
Step 2: If you are happy with the fund promotion once you have reviewed its details, click the Accept button in the bottom left of the page. Alternatively, click the Reject button and provide any relevant notes explaining your reason.
Once the first user has approved the fund promotion, its status will change to Proposal and the workflow will progress to the next required user. Once the final user in the hierarchy approves the fund promotion, its status will change to Fully signed.
If a fund promotion is rejected, its status will change to Draft for it to be edited and resubmitted for approval.
Fund promotions cost approval
In fund promotions, the cost elements follow a separate workflow, since the costs involved are separate from the value of the underlying activity and are typically actioned by a different team.
The cost workflow is entirely internal for your organization. Your trading partner has no visibility of the cost workflow or cost details.
For workflow roles to be present for cost approval, they must have the Cost authorization checkbox set within the workflow roles configured by a channel admin user.
A separate approval hierarchy must also be configured in the hierarchy under the User to approve workflow role tab by selecting Cost authorization for the Approval workflow and Promotion for the Agreement type.
To begin the cost approval workflow:
Step 1: Within the fund promotion, click on the Submit for cost approval button at the bottom of the page.
Step 2: Within the Approval tab, the cost approval hierarchy will then display on the approval tab. The relevant users in the hierarchy can then access the promotion and click the Approve planned cost button at the bottom of the page to accept their stage of the workflow. Alternatively, a user can also click the Reject planned cost button to allow changes to be made if they’re unhappy with the planned cost or anything else on the promotion.
After the cost approval workflow has been completed, the cost status will be Fully approved.
Unlocking a promotion
When a promotion has been fully approved, it will then be considered locked. However, unlike a standard promotion, a fund promotion can be unlocked if it needs editing. This differs from fully signed off standard promotions which can only be cancelled and recreated if they need to be edited.
To unlock a fund promotion:
Step 1: Within the fund promotion, click the Unlock deal button at the bottom of the page.
Step 2: Select the relevant Unlock reason. Note: These unlock reasons are unique to your organization and are set up in funds configuration by a channel admin user.
Step 3: Confirm to unlock the fund promotion.
Once a fund promotion is unlocked, it will irreversibly revert back to its pre-approval state with Draft status, and the details can be edited. When this is done, a new Previous details tab will be displayed, allowing you to compare changes since the promotion was unlocked.
What’s next?
Looking to set up a new fund promotion before it’s approved? Learn how to create a fund promotion here.