Why Can't I Calculate or Approve a Payout?

A payout stops when the books, dates, or rules don't line up. Find the message you see below. If you don't see Disburse at all, you need Finance Preparer permission. If you don't see an approve button, you need Finance Approver permission, and you can't approve a payout you prepared unless no one else in the workspace can.

Cash

• "Payout exceeds available posted cash." The amount is more than the investment's cash in the books. Record the money in, or lower the amount.
• "This investment has no available cash to distribute." All Available Cash found nothing to pay. Cash set aside under cash controls doesn't count.
• "Approved payouts already reserve this cash." Earlier approved payouts have claimed the cash. Pay those first, or add cash.

Investors and Positions

• "Record settled investor capital before calculating a payout." No equity position has cleared capital. Record the payments in first.
• "Payouts wait until every pledge has joined." An investor in a closing group hasn't joined yet. The message names them. See How Do Closings Work?
• "Renew the investor review before preparing a payout." An investor's eligibility review needs renewing.
• "Nothing would be paid." The amount or rules give every account $0.
• "A deduction names an account that receives nothing in this payout." Remove the deduction, or give that account an amount.
• "Deductions cannot exceed an account's gross payout." Lower the deduction.

Dates

• "The accrual period can't end in the future." Set Earning Period Ends (This Date Is Not Included) to today or earlier. With Disburse, the Period End is included, so choose yesterday or earlier.
• "The record date must fall within the accrual period." Move the Record Date (Optional) inside the period.
• "The payment date cannot precede the record date." Move the Payment Date (Optional) later.
• "The valuation date must include all posted LP capital and payout activity." Capital or a payout is posted after the period ends. End the period later, or set a record date.

Payout Rules

• "Choose who receives the GP share under GP Recipients, or set Final LP Share to 100%." Add a GP account under GP Recipients.
• "Use separate payee accounts for GP promote and fees, not an LP investment account." The GP or fee recipient also holds a position in this investment. Choose a different account.
• "Use the approved economic terms for this period." The rules differ from the approved return and fee terms. Reload the form, or change the terms under Schedules & Terms in Accounting.
• "This period crosses an economic amendment." New terms start partway through. Make two payouts, split at the start date.
• "Use the structured payout rules with the approved economic terms." Custom amounts can't be used once approved terms apply. Choose Use Payout Rules.
• "Annual committed-capital fees require pledges to be effective before the period starts." Start the period later, or change the fee.
• "Investor rate histories and rate bands require a preferred-return payout rules for their class." A Straight LP / GP Split can't use investor rates or bands. Change the format for that class.

Carried Preferred Return

• "Cumulative preference periods must continue from the previous approved period end." Start this period on the day the last approved payout's period ended.
• "Cumulative preference must be approved in chronological order." A later payout is already approved.
• "Unpaid preference cannot be dropped by changing terms or removing a position." A prior payout left preferred return unpaid and these rules no longer carry it.

See How Is Preferred Return Calculated?

Custom Amounts and Debt

• "Custom lines total $X but the payout amount is $Y." Make the lines match the Total Payout Budget.
• "Account would receive more return of capital than its capital balance." Lower that account's Return of Capital.
• "Add a debt hurdle to pay down." Pay All Debt Steps (Calculate What Is Owed) needs a hurdle under Debt Hurdles.
• "Nothing is owed on this investment's notes." No interest or principal is due through that date.
• "Only capital returned to equity investors can be recallable." This payout returns no equity capital, so clear Recallable Capital.

Saving and Approving

• "Source data changed. Calculate allocations again before saving." Something changed in the books after you calculated. Click Calculate Allocations again.
• "Source balances changed. Prepare a new calculation." The books changed after the draft was saved. Click Discard Draft and prepare it again.
• "Payout elections changed. Prepare a new draft for review." An investor changed their payout choice. Discard the draft and prepare it again.
• "An approved payout already covers part of this accrual period." Change the period so the same earnings aren't paid twice.
• "Use Approve & Pay to approve this disbursement and its bank instructions together." Drafts made with Disburse are approved with Approve & Pay.
• "Bank details or payment readiness changed. Discard this draft and preview again." A bank account changed after the preview.

Disburse

• "Set up ACH before paying this distribution." Finish ACH Setup, or use Advanced Options and pay another way.
• "Connect an approved settlement bank for this investment." The investment needs an approved bank account.
• "Review cash capacity for the settlement bank." Check the cash controls for the investment.
• "A disbursement already covers this period. Open it from Payouts." Open the existing draft, or choose another period.
• Investment has no rules: Preview Payout is replaced by Configure Payout Rules. Save rules with Save as Investment Defaults first.

Related

• How Do I Run a Distribution?
• What Are Approval Rules?