What Happens At Finalization Time?

When a contract is finalized, the following takes place:

• If the contract's contract type has a Contract Stop algorithm, the algorithm is executed.
• The contract's state will be changed from pending stop to stopped.
• If the contract is linked to an active collection process, the contract is "removed" from the collection process. If the collection process has no other active contracts, it is canceled.
• When the last contract linked to an account is stopped, the account's bill cycle will be changed so that the account will be final billed when billing next executes. The system selects the latest open bill cycle where the Freeze and Complete switch value matches the value of the Freeze and Complete switch of the account's current bill cycle.
• The main customer's billing address will be changed to reflect the value specified on the Start/Stop page (and this may involve changing the main customer's override mailing address on their person record).
• If the contract is for a deposit (i.e., the contract type has a special role of Cash Deposit), the system calculates interest through the stop date. In addition, the contract's current balance is synchronized with its payoff balance (using the sync adjustment code defined on the contract's contract type).
• When the last active contract governed by a deposit class is stopped, all active deposit contracts governed by the same deposit class will be stopped (i.e., their state will be changed from active to pending stop). These pending stop deposit contract will then be stopped (as per the above points).
• When a contract is stopped, the system automatically cancels the budget.