Updating producer advances process
The Producer Advances process manages the creation and payout of advance funds to producers. Administrators set the payment date and generate the EFT file based on calculated advance amounts and overrides, then send it to the bank to ensure timely payments.
To update or edit the monthly producer advances from the Advance Admin page:
1)Update the following details needed:
•Period: Not editable. Displays the dates of the current period.
•Advance Payment Period: Not editable. Displays the status of the current period.
•Funds Available: Type the date or click Calendar icon to select the date the funds will be paid out of the EFT.
2)Generate the EFT file for the Administrator to submit to the bank before the scheduled payout (i.e., Funds Available) date.
•EFT File: Initiates the process to create the EFT file based on the monthly advance amounts and the advance overrides.
oClick Run/Rerun to run the process to generate/regenerate the EFT file.
oClick Download EFT to download the EFT file to a text file.
Tip: By default, most downloaded files open in the Internet browser currently in use, usually in a new window or to your Downloads file on your computer.
Updating processor invoicing process
The Processor Invoicing process manages mid-month payments from processors to SaskMilk. These invoices are generated based on the previous month’s processor statements and represent funds due to SaskMilk.
To update or edit the mid month processor invoicing from the Advance Admin page:
1)Update the following details needed:
•Funds Due: Type the date or click Calendar icon to select the mid-month date the funds are due from the processors.
•Invoice Date: Type the date or click Calendar icon to select the mid-month date that the invoices will generated for the processors.
2)Initiate the processes to send invoices to the processors.
•Mid-Month Processor Invoicing: Process to generate and send mid-month invoices to the processors.
oClick Run/Rerun to run the process to generate/regenerate and send the mid-month invoices to the processors.
•Processor Invoicing: Process to generate and send month end invoices to the processors.
oClick Run/Rerun to run the process to generate/regenerate and send the month end invoices to the processors.
Closing current advance period
The Close Advance Period process finalizes the monthly advance cycle after all processor invoices have been issued and EFT files for producer advance payments have been sent to the bank.
Note: Once the period is closed, no further adjustments can be made to producer advances or processors invoices. This action locks all related data for the month, ensuring financial records remain accurate and finalized.”
To close the current advance period from the Advance Admin page:
1)Click Close Advance Period to mark the period as closed. Once closed, producer advances and processor invoices can no longer be edited.
2)Click Save.
Note: The Advance Period needs to be closed before the Month End can be completed (see Month End Admin for more information.)