Period End Processing

IBS 2.7 > Group Administrator: Transactions

In IBS, all day-to-day transactions (sales, sales refunds, escrow deposits, and escrow refunds) are handled by credit card transactions with PayPal. Each Group’s revenue, which consists of their escrow balance plus their earned income, is held in PayPal until the time of Period End Processing (PEP). The precise scheduling of PEP may vary, but it we expect that PEP will take place every few weeks or roughly once a month.

At the time of PEP, a number of transactions occur:

1. If your escrow account balance has fallen below the recommended level, funds from your earned income account are transferred to your escrow account. This is called escrow replenishment.
2. Any remaining (excess) funds in your earned income account are transferred out of PayPal in a transaction known as a Final Sweep Transfer (FSX). The funds are deposited temporarily into a holding account at IBS’s bank; this transaction is called a Final Sweep Deposit (FSD).
3. If you have requested an escrow withdrawal, the requested funds are also transferred out of PayPal (FSX) and deposited into the IBS holding account (FSD).
4. From the IBS holding account, each Group’s funds (net revenue allocations and/or escrow withdrawals) are transferred to the bank account indicated in the Group’s profile. This transaction is known as a Bank Deposit Transfer (BDX). 
   Note: For security purposes, only minimal identifying information about your Group’s bank account – bank name and last four digits of the account number – are stored in IBS. You can see this information on your Group’s Edit Group Profile page.
5. From the IBS holding account, funds earned by IBS itself, through surcharges and shares, are transferred to IBS’s bank account. This transfer is part of the BDX transaction.

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