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At the beginning of each calculation period, you must calculate performance fee activity for Prior Period type performance fees. When you calculate performance fee activity for a performance fee, the system calculates the actual prior period performance fee and determines the days that the system uses to spread or budget the calculated fee over the next calculation period. You calculate performance fee activity for Prior Period type performance fees that do or do not require approval. You can then review the performance fee calculated by this process prior to posting. If you set up the performance fee's performance fee rule to require approval before you use the global expense processing to post the performance fee, you must additionally approve the performance fee activity, at which time you can approve or override the calculated performance fee amount.