Subscription process: finishing and verifying

Overview

Twelve lessons of preparation resolve here. Finishing the process turns a process into part of the company's permanent record.

The Finish Process dialog is unusually explicit, and every sentence in it matters:

"This action will mark the process as completed. No further modifications or additions of transactions will be allowed."

"A new event will be created with the name {event name} for the following companies:"

"This will take some time. All signed documents will be automatically attached to the event and analysed in order to update the capitalisation table of each company."

Three things to take from that:

1. It is a one-way door. No further transactions, no further modifications.

2. It creates an event per affected company, named with the event name you set at wizard step 1 (A8.2). This is where that field finally lands.

3. It is asynchronous, and it analyses the signed documents. The cap table update is derived from the documents and the transactions rather than copied across. That takes time, and the dialog says so.

What you'll learn

• What to check before you click Finish

• What finishing writes, and where

• The three places to verify afterwards

• Why cancelling is not the opposite of finishing

Before you finish

Finish becomes available once every transaction is complete — paid and signed as your chosen ordering requires (A8.11). Before you click:

• Confirm every transaction reads complete, not merely most of them.

• Confirm the event name is what you want in the company's history. This is your last chance.

• Confirm the list of companies in the dialog matches your expectation. A missing company means a transaction did not land where you thought.

Steps

1. From the project Dashboard, open the process under Active Operations. On the Subscription Dashboard, confirm all transactions are complete.

2. Select Finish Process.

3. Read the dialog. Check the event name and the list of companies.

4. Select Finish.

5. Wait. Documents are attached to the event and analysed, and each company's cap table is updated. Do not assume failure because nothing appears instantly.

6. Verify the result.

Verifying afterwards

Do not take completion on trust. Finishing a process is asynchronous and derives records from documents, which is exactly the situation where a person should confirm the outcome. Check three places:

The cap table. Open an affected company, view the cap table in detail, and find the new event. The new holder and the amount invested should appear.

The registry. Search for the shareholder, open the transaction, and open its related files — the signed document should be attached to the movement it evidences. That chain is the whole point (A5.7).

The timeline. The new event appears in the company's timeline. Open it and you should see the transactions, the security types and the documents.

Cancelling instead

Cancel Process is not the opposite of finishing; it is the destruction of the process:

"The ongoing subscription process will be deleted. All pending or completed transactions and documents generated as part of this subscription will be deleted and this operation is irreversible."

Use it for a process that will not happen. Never as a way to tidy up one that did.

Common problems

Finish is unavailable. A transaction is not complete. Work back through payments and signature to find which.

Nothing seems to have happened. It is asynchronous and the dialog warns it takes time. Give it time, then check the timeline for the event.

The event name is wrong. It was set at wizard step 1 and is now in the company's history. Correcting it afterwards is a more awkward operation than getting it right beforehand — which is why A8.2 labours the point.

A company you expected is not listed in the dialog. Stop and investigate before finishing. A transaction is against a different company than you believed, and finishing will record it there.

Related

• A8.2 — Setting up a subscription · where the event name was set

• A5.7 — The registry: tracing a transaction to its signed document · the chain you verify

• A5.4 — The timeline · where the new event appears

• A6.1 — Events and decisions: the model · what a closed process becomes