Prefunding a Large Award

Managing large monetary recognitions, such as holiday or employee appreciation awards, requires ensuring that the redemption account is adequately funded to prevent any interruptions. Prefunding allows admins to add funds in advance for a specific program, budget, or metadata group, ensuring that all awards are distributed seamlessly, even during high-traffic periods. It will also guarantee you will not be double billed for these points.This article will guide through the steps to request an invoice and manage the prefunding process efficiently.

Note: This article applies to all customers not using the “Customer Managed” invoicing method.

1. Why Prefund?
2. How to Prefund a Large Award
   • Navigating to the Billing Page
   • Requesting an Invoice for Prefunding
   • Monitoring Fund Availability
   • Adding Points to the Company Account
3. Additional Tips

Why Prefund?

Prefunding offers some key benefits:

• Avoid Program Interruptions: Ensures the redemption account is sufficiently funded to cover the users increased spending of their points
• Seamless Award Process: By adding funds in advance, admins can guarantee that all awards are issued promptly without waiting for additional payments.
• Flexible Funding Options: Funds can be added directly on the platform via ACH or credit card. They can also be sent outside the platform via ACH/wire and physical check.
• Improved Reporting and Budgeting: Prefunding specific programs helps maintain clearer financial records. Separate budgets for large programs like holiday or employee appreciation awards simplify financial tracking and reporting.

How to Prefund a Large Award

Navigating to the Billing Page

Follow these steps to access the Billing Page:

1. Select the Admin button at the bottom of the left navigation menu.
2. Select “Finance,” then “Billing” from the left navigation menu.

Requesting an Invoice for Prefunding

The key step in the prefunding process is requesting an invoice. Follow these steps:

1. Navigate to the Invoices tab and click Request Invoice.

    

   

    

2. Enter the requested invoice amount. This amount should reflect the expected total for the award program being prefunded.
3. Indicate if the invoice is for pre-funding:
4. If yes, select the program, budget, or metadata group being prefunded/from which the awarded points will come.
5. Fill out the required details:
6. Email Address: The invoice confirmation will be sent here.
7. PO Number: Add any internal reference or identifier for organizational use if applicable.
8. Notes: Include relevant details or reasons for the invoice.
9. Review the payment breakdown and click Submit Request.

Once submitted, a confirmation notice will be received, and the invoice will be processed and sent within 24-48 business hours.

Monitoring Fund Availability

Once the invoice has been processed, funds will appear in the Deposits line of the Funding Summary section on the Billing Page.

• Funds added via credit card are available instantly, though a processing fee applies.
• ACH payments do not incur a fee but take 3-5 business days to process. This is important to keep in mind when prefunding large programs to avoid delays.
• Prefund tracking starts in the month the payment is received. For example, if a holiday program is prefunded on December 15th, tracking will include all prefunding in the holiday budget since December 1st.

Adding Points to the Company Account

Now, an equal amount of points as the funds deposited will need to be added to the Company account. To do this:

1. Click Add Points on the Billing Page.
2. Enter the desired amount of points (equal to the funds deposited).
3. Enter a note and click Add Points.
4. Select Confirm.

Deposited points show in the Company Account line of the Points Summary. You can allocate these points to budgets as needed. See the Managing Budgets article for detailed instructions.

Additional Tips

• Create Separate Budgets and/or Programs: For large programs, such as holiday bonuses or employee appreciation awards, consider creating a dedicated budget and/or program. This allows for clearer reporting and easier tracking of funds.
• Plan in Advance: For high-volume award times, like the holiday season, prefund the account well in advance to avoid potential delays in award distribution.
• Monitor Redemption Account Balances: Regularly check the redemption account balance on the Billing Page to ensure uninterrupted operation of recognition programs.

If you have any questions, please contact Awardco Admin Support.