> This is the Markdown of a Backed Help Centre page, https://admin.backed.giving/help/administrator/payments/index-series.md. Every page is listed at https://admin.backed.giving/help/llms.txt.

> 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.

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](../funding-rounds/create-a-grant-round.md#funding-type)
step. Each contract made from the round starts with them, and its
[Funding](../contracts/create-and-send-a-contract.md#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

- [Exports and bank files](exports-and-bank-files.md)
- [Create a grant round](../funding-rounds/create-a-grant-round.md)
- [Create and send a contract](../contracts/create-and-send-a-contract.md)