Effective Date Records
Using Effective Date feature, you can make changes in data to be approved and determined in advance, and then automatically applied according to the specific set dates.
You can often plan the updates that are to be made to the master data, such as, updates made to the records are completed and approved with the goal of becoming effective at a future date. For example, a vendor’s product sale during Christmas. The discount rates on products may be effective from 25th December.
Future Effective Date: Allows you to apply a future date to a record or relationship. This is the date when the record turns to a golden copy. The future dates are approved in advance but become effective only on the specified date. One or more future dated versions of a record may exist.