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Index series

Keep your own index figures for contracts that rise with an index, one value per period, and choose how a round or contract is indexed.

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An index series is a set of figures your finance team keeps, such as a consumer price index. A contract can follow one, so that its later years rise with the index. Backed fetches nothing: every value in a series is one someone recorded.

This appears only when Payments is turned on for your organisation. You need the Can access Payments permission.

Add a series

  1. Go to Award and pay > Payments and select Index series. You can also go to Settings > Profile and terms > Payments, where it is the section under the bank file settings.
  2. Select New index series.
  3. Enter a Name, and a Description if you want one. Two series can't share a name.
  4. Select Add index series.

The list shows each series with its latest value, how many values it holds and its status. Select Edit to change its name or description.

Record a value

  1. Select Values on the series. Its values are listed with the latest first, with who recorded each one and when.
  2. Enter the Period end date, the last day of the period the value covers.
  3. Enter the Value, a number above zero with up to four decimal places, such as 136.4.
  4. Select Record value.

A series holds one value for each period end date. A recorded value can't be changed or removed: to correct one, record a later value.

Archive a series

Select Archive to stop offering a series for new terms. A round or contract that already names it keeps it, and you can still record values on it. Select Restore to offer it again.

Indexation terms on rounds and contracts

Each grant round and contract has an Indexation group, with three choices:

  • None: amounts stay as entered.
  • Fixed rate: an Annual rate (%) above 0 and at most 20, with up to three decimal places.
  • Index series: the change in the series you choose since the start date.

Contract years count from the contract's start date. Year 1 is never indexed, and finance applies each later year by hand.

A round's terms are set on its Funding Type step. Each contract made from the round starts with them, and its Funding step can change them until the contract is sent. Once an indexation has been applied to a contract its terms are locked, and the group says why.

Choosing a series needs Can access Payments too. Without it you see the terms but can't choose a different series.

See also

This page uses Backed's default terms, such as Funding Round and Application Template. An organisation may rename them, so read each as your organisation's own term if you've renamed it.