Approve Performance Fees

In the Approve Performance Fee panel, you can review and approve Prior Period type performance fees calculated for an entity. You can approve a performance fee after you calculate performance fee activity for that fee and before you post the fee to accounting. The approval process is an optional part of the workflow for performance fees with a Prior Period Budgeted Expense or a Prior Period Estimated Budgeted Expense rule type. If the performance fee uses a performance rule type where you set the Fee Approval option to Manual, the performance fee requires approval before you can post the fee when you run expense accruals. 

When you review and approve a performance fee rule, you also can change the performance fee rate to adjust the calculated amount and can change the performance fee end date If you are approving a true-up rule for a Prior Period Estimated Budgeted Expense type performance fee, you can change only the performance fee end date. When you approve the fee, the system changes its status from Pending to Active. This allows the system to post the fee when you run the global expense accrual process.

To approve a performance fee: 

1. In Accounting Center, in the left navigation pane, click Transactions > Expense > Performance Fees > Approve Performance Fee.
   You see the Approve Performance Fee panel.

2. In the Entity ID or the Entity Name field, select the entity identifier or entity name of the fund for which you want to review and approve activity.
   The panel displays the corresponding entity value, along with the entity's primary accounting basis.

3. In the Acctg Basis field, select the accounting basis for which you want to view activity.
   Otherwise, you can leave the field blank.

4. In the Expense Account Name box, select the name of the expense account for which you want to approve activity.
   For example, PERFORMANCE FEES.

5. In the Expense Start Date box and the Expense End Date box, specify the date range for the performance fee activity you want to review. 

6. Click Submit. 
   You see the results for the performance fees that met your criteria in the Show All tab.

7. Select the check box for each performance fee row you want to approve and click Performance Fee Approval. 
   In the Performance Fee Approval panel, you see a grid with a row for each performance fee that you selected for approval.

8. Review each performance fee to ensure that you want to approve its associated calculation output.

9. In the Fee End Date field, you can change the date for each row as needed. 

10. In the Adjusted Fee Rate box, you can change the performance fee rate to adjust the calculated amount.
    All other fields are locked and you cannot change their values.

11. Click Submit. 
    When you approve a performance fee, the system changes the fee rule from Pending status to Active status.