Understanding Final Settlements

The last step is processing the final settlement for the contract harvest. Typically, the settlement process is a multistep process that is performed by multiple people or roles and consists of these steps:

In preparation of the final settlement, you perform a final settlement review, which includes reviewing all harvest receipts, assessments and donations, and all vouchers that are ready for final payment.

At final review, you revise or add assessments or donations and generate vouchers for the payee amounts that have not yet been paid on the contract.

Ensure that the harvest record is at a complete status so that when your final review is complete, you can generate final vouchers for your payees and issue final payments. After you generate final vouchers for payees and the remaining amount is zero, the system adds a voucher line item for the assessments and donations so that they can be paid.

When the remaining amount is zero, print a final settlement statement to send to the grower. The Final Settlement Statement (R40G400) shows all transactions that were applied throughout the growing cycle, including advance and interim payments, proceed payments, adjustments, bonuses, penalties, and the final settlement amount, which shows the assessments, donations and final payments that are due.

You use the Final Settlement program (P40G300) to review transactions that have been paid and transactions that have not yet been paid for a contract harvest. The final settlement is your last opportunity to revise or add assessments and donations and change payment due dates or amounts.