Create an Invoice Revaluation Stream

Invoice revaluations are created within an invoice revaluation stream. The invoice revaluation stream defines the default parameters for invoice revaluations in the stream.

Security Note: You need the Allow the user to edit the Revaluations and Allow the user to modify parameters in revaluations security rights in the Intelligent Reporting domain security rights group for this activity.

Activity Steps

  1. Select the Reporting panel in the Solution Explorer.
  2. Expand the Revaluation Categories node.
  3. Right-click a revaluation category and select New » Revaluation Stream from the menu.

    The Revaluation Stream displays.

  4. Update the name of the invoice revaluation stream node if required.
  5. Complete the following fields.
    • Revaluation Scope—Default scope of the invoice revaluations. Select from:
      • Full Revaluation (default)
      • Assay Revaluation
      • Price Revaluation
      • Weight Revaluation
      • FX Revaluation
      • Service Revaluation
      • Freight Revaluation
    • Generate Journals On Lock—Whether journals are automatically created when an invoice revaluation is locked.
    • Currency—Select from the currencies defined in the Currency/Exchange Editor.
    • Exchange Rate Source—Used to determine the exchange rate from the invoice currency to the primary currency used by the invoice revaluation stream. Select from the exchange rate sources defined in the Currency/Exchange Editor.
    • Include Prepayment Invoices With Despatch Activity—Whether to include prepayment invoices only if they are for despatch orders with despatch activity (for example, loading transactions). Default: Checked.
    • Include Accrual Invoices—Whether to include accrual invoices. If checked, all accrual invoice types, including final, are included. Default: Checked if Revaluation Scope is Freight Revaluation or Service Revaluation. Unchecked for all other invoice revaluation scopes.
  6. To filter the inclusion of invoices, complete the following fields as required.
    • Organisations—For sales contracts, the organisation is the buyer. For purchase contracts, the organisation is the seller. For service and freight contracts, the organisation is the provider of the service or freight. Select from the organisations and companies defined on the Organisations panel of the Solution Explorer. If an organisation is not selected, contracts for all organisations will be considered for revaluation.
    • Districts—Select from the districts defined on the Organisations panel of the Solution Explorer. If a district is not selected, all contracts will be considered for revaluation. If a sales or purchase contract does not have a district defined for it, it will not be included in the calculation because the revaluation has to create journals, and a district is required for this to occur. For freight and service revaluation, the district of the invoice must match any selected districts in the parameters.
    • Material Types—Select from the material types defined on the Material panel of the Solution Explorer. If a material type is not selected, contracts for all material types will be considered for revaluation.
    • Products—Select from the products and brands defined on the Material panel of the Solution Explorer. If a product is not selected, contracts for all products will be considered for revaluation.
  7. If the scope is Full Revaluation, Assay Revaluation, Price Revaluation or Weight Revaluation, to limit the revaluations by analyte, select the Analyte Definitions. Select from the analytes defined on the Quality panel of the Solution Explorer.
  8. Select whether to Exclude All Final Invoices. If checked, no final invoices (including accrual invoices) are included, even if there are final invoices that have not been revaluated. If unchecked, final invoices are revaluated at least once, and may be revaluated for a period of time, depending on the Include Final Invoices and Days settings. Not applicable if Revaluation Scope is FX Revaluation.
  9. If Exclude All Final Invoices is unchecked, to include already revaluated final invoices:
    1. Check Include Final Invoices. If checked, final invoices are revaluated once, and are revaluated again if values have changed in the specified number of Days. If unchecked, final invoices are revaluated only once.

      Note: This parameter does not affect accrual invoices. Final accrual invoices are included in invoice revaluations.

      Not applicable if Revaluation Scope is FX Revaluation. All payable invoices that are not fully paid are included in an FX revaluation.

    2. Enter the number of Days, beyond which unchanged (but already revaluated) invoices should be excluded. Only applicable if Include Final Invoices is checked. The invoice revaluation includes invoices that:
      • Have not yet been revaluated
      • Have had values changed because of a revaluation within the specified period of time

      This means that the only invoices to be excluded are the invoices that have been unaffected by revaluations for at least the specified period of time.

  10. If the scope is Full Revaluation, Assay Revaluation, Price Revaluation or Weight Revaluation, select the Contract Type. Select from All, Sales Contract (default) and Purchase Contract.
  11. If the scope is Full Revaluation:
    1. Select the Invoice Item Types.

      If Revaluation Scope is Price Revaluation, only Revenue invoice line items can be included.

      If Revaluation Scope is set to Full Revaluation, select from:

      • All—If you select this option, do not select any other options.
      • All - Exclude Taxes—If you select this option, do not select any other options.
      • Revenue—Include revenue line items from the last locked invoices (open positions).
      • Selected Charges—Include charge line items, as specified by those selected in Selected Charges and Contract Charges, from the last locked invoices (open positions). For optional charges, only those that were included in the invoice are included in the revaluation. Note that the system has to recalculate the terms using the new price. In other words, the price determined for the invoice revaluation might affect some other line items. A typical example would be a price participation (which is a charge that varies depending on how much the price departs from a target value) or a treatment charge for zinc concentrates. The values of those items would also need to be recalculated using the new price.
      • Dynamic Items—Include all dynamic line items from the last locked invoices (open positions).

      Not applicable if Revaluation Scope is FX Revaluation. An FX revaluation includes all invoice items except taxes.

    2. If the Invoice Item Types includes Selected Charges, select the Selected Charges. Select from:
      • Price Sharing
      • Price Participation
      • Treatment Charge
      • Refining Charge
      • Premium
      • Penalty/Bonus
      • Fixed Charge
    3. If the Invoice Item Types includes Selected Charges, select the Contract Charges. Select from the contract charge templates defined on the Contract Charge Templates screen.
    4. Select whether to Include Uninvoiced DOs. If checked, the invoice revaluation includes despatch orders with:
      • A bill of lading date before or on the revaluation date
      • Despatch activity and a planned despatch date before or on the revaluation date
    5. If uninvoiced DOs are included, select Excluded Uninvoiced DO Statuses if required. Select from the statuses defined in the Despatch Order status definition. See Status Definitions.
  12. If the scope is Freight Revaluation or Service Revaluation, complete the following fields.
    • Invoice Item Types—Select from:
      • All—If you select this option, do not select any other options.
      • All - Exclude Taxes—If you select this option, do not select any other options.
      • Dynamic Items—Include all dynamic item lines from the last locked invoices (open positions).
      • Rate Details—Include line items from rate details that were included in the last locked invoice.
    • Activities—For freight revaluation, select from the Freight Activity list items defined in the List Editor. For service revaluation, elected from the Service Activity list items defined in the List Editor. If an activity is not selected, all activities will be considered for revaluation.

      Note: If one line item on an invoice includes an activity listed in the invoice revaluation parameters, all rate detail line items are revaluated, even if some line items are for activities that are not selected.

  13. If the scope is Full Revaluation or Price Revaluation, complete the following fields.
    • Price Sources—Default price sources from where the prices are taken when the final QP is completed after the revaluation date. If multiple sources are selected, the Price Source Resolution specifies which method is used to determine the result. Select from:
      • Actual Prices + Forward Curve—If actual prices are not available, the price is estimated from the forward curve associated with the QP's price series and date range. If some actual prices are available, a combination of actual and forward prices is used. A forward curve override can be specified for each analyte or material type if required.
      • Actual Prices + LKQ—(Last Known Quotation) If actual prices are not available, the price is from the last known price in the QP's price series, as at the revaluation date. If some actual prices are available, a combination of actual and LKQ prices is used.
      • Forward Curve—The price is price is from the forward curve associated with the QP's price series and date range. A forward curve override can be specified for each analyte or material type if required.
      • LKQ—The price is from the last known price in the QP's price series, as at the revaluation date.
      • Revaluation Month Average—The price is the average of the month in which the revaluation date falls (for example, if the invoice revaluation is run on 29 August, the price is the average of August's prices).

      Note: If the final QP is completed before the revaluation date, the price must be obtained from the price series specified in the final QP. If there are no prices available, a message displays and the revaluation process is stopped. In this case, the invoice revaluation is marked as incomplete with errors, and will not be able to be saved or locked.

      Example: The current date is 5 May. Actual prices are available up to and including for 4 May, and forward prices are available daily from 5 May. For a May QP, a combination of actual and forward prices is calculated:

      ( Average of AP 1-4 May * NAP ) + ( Average of FP 5-31 May * NFP ) / ( NAP + NFP )

      Where:

      • AP = actual prices
      • NAP = number of actual prices
      • FP = forward prices
      • NFP = number of forward prices

      The entry frequency of the prices might not be the same; for example, daily actual prices but monthly forward prices. In that case, NFP must be the number of days for which forward prices would be entered if it were also a daily price series.

    • Price Source Resolution—When multiple Price Sources are selected, this is the default method used to determine which price source should be used. Select from Minimum, Maximum and Average. For example, if Price Sources is Forward Curve and LKQ, the lowest (minimum) price could be chosen as the revaluation price.
  14. If Price Sources is Actual Prices + Forward Curve or Forward Curve, specify forward curve overrides if required.
    1. Right-click in the Forward Curve Overrides table and select New from the menu.
    2. Perform one of the following steps:
      1. For analyte pricing, select the Analyte Definition from the analytes defined on the Quality panel of the Solution Explorer.
      2. For product pricing, select the Material Type from the material types defined on the Material panel of the Solution Explorer.
    3. Select the Forward Curve from the forward curves defined in the Pricing Editor.
  15. If the scope is Full Revaluation, Assay Revaluation, Price Revaluation or Weight Revaluation, select whether to Use Snapshot History.

    For each invoice or despatch order, the latest despatch order snapshot before the revaluation date is used.

    Note: Historical snapshots must be available to use this setting; that is, Create Copy Of Despatch Order Snapshots must be checked on the Snapshot Settings tab of the Options screen.

    If checked:

    • Weights and assays from the snapshot are used.
    • If the price in the snapshot has the Final price type, that price is used.
    • If the price in the snapshot has any other price type, MineMarket estimates the price but only uses prices known up until the revaluation date. (Both actual and forward prices are used as required.)

    If unchecked (default), MineMarket uses the latest data available at the time of running the revaluation, even if that data is applicable after the revaluation date.

  16. If invoice revaluations should be automatically created for this invoice revaluation stream as a part of an automated month-end process, check Include In Automated Month-End Process. See Automated Month-End Process.

    Not applicable if the automated month-end process DLL is not configured.

    If checked, when the automated month-end process is executed, a new invoice revaluation will be automatically created and run for the invoice revaluation stream.

    If unchecked, the invoice revaluation stream is excluded from any automated month-end process.

    Important: If an invoice revaluation stream is being configured while a scheduled month-end process is incomplete (this is not recommended!), do not check Include In Automated Month-End Process. Doing so will trigger the immediate creation of an invoice revaluation in the invoice revaluation stream.

  17. Click Save.