Trade Lifecycle Walkthrough — End to End in Jules

This is the onboarding article for Jules. It walks through every stage of a complete trade using a single concrete example, and points you to the detailed documentation for each module. Read this first before diving into individual topic articles.

Table of Contents

1. The Big Picture

2. Our Example Trade

3. Step 1 — Setting Up Counterparties

4. Step 2 — Creating a Purchase Contract

5. Step 3 — Creating a Sale Contract

6. Step 4 — Creating Buy and Sell Operations

7. Step 5 — Allocating Buy Containers to the Sell Operation

8. Step 6 — Booking Freight and Managing Logistics

9. Step 7 — Container Lifecycle: Loading, Shipping, Delivery

10. Step 8 — Hedging the Price Risk

11. Step 9 — Invoicing: Proforma to Final

12. Step 10 — Margin Calculation: Estimated to Final

13. Step 11 — Budget Tracking and Goal Monitoring

14. How Every Step Connects

15. Glossary

The Big Picture

Jules manages the full commercial and operational lifecycle of a recyclable commodity trade. Every trade in Jules is built from the same set of interconnected modules. Before reading anything else, understand this map:

Every element you see in Jules connects back to an operation — a commercial transaction. An operation is either a purchase (BUY) from a supplier or a sale (SELL) to a customer. The operation is Jules' center of gravity. Everything else orbits it.

Our Example Trade

We will follow a single trade from start to finish:

The deal: Buy 500 tonnes of HMS 1&2 scrap from Garfield Metals (a US supplier, site: New Jersey yard) and sell it to Demirdöküm Steel (a Turkish mill, site: Iskenderun mill), shipped in 20 x 40' HC containers from the Port of New York to the Port of Iskenderun.

Buy price: TSI HMS 1&2 CFR Turkey index (average previous month) − USD 15/T (the differential), at EXW terms from the supplier yard.

Sell price: TSI HMS 1&2 CFR Turkey index (average previous month) + USD 5/T, at CFR Iskenderun terms.

Margin objective: approximately USD 20/T before logistics costs.

This is a classic containerized ferrous scrap export trade — one of the most common trade types in Jules.

Step 1 — Setting Up Counterparties

Before any trade can happen, the master data must exist in Jules. This means creating the company, its site, and the key contacts for each trading partner.

See Companies, Sites & Contacts for complete reference documentation.

What you need to create

For our example trade, you need three sets of master data:

Company vs Site — the critical distinction

In Jules, you always trade against a site, not directly against a company. When you create a purchase operation, you select Garfield Metals — New Jersey Yard (the site). Jules resolves the parent company (Garfield Metals) automatically for document generation, credit management, and invoicing.

Site quality configuration

Before the New Jersey Yard can be used on a purchase operation for HMS 1&2, the site must have a SiteToQuality BUY record for the HMS 1&2 quality. This record carries:

• The default currency (USD)

• The default MQC (e.g., 18 T per container)

• The default margin target (e.g., USD 20/T)

• The port of loading (Port of New York)

If this configuration is missing, HMS 1&2 will not appear as an available material when creating a purchase operation for this site.

Contact receivables

Configure Mike Garfield's receivables so he automatically receives:

• OPERATION — he gets the Purchase Order PDF when you confirm the deal

• SHIPMENT — he gets shipping notifications and Bill of Lading documents

Configure Ayşe Kaya at the Turkish mill to receive SHIPMENT and INVOICE documents.

Step 2 — Creating a Purchase Contract

With counterparties configured, create a purchase contract with Garfield Metals to record the agreed terms and enable fast operation creation.

See Contracts & Pricing for complete reference documentation.

What the purchase contract captures

Quality stream on the purchase contract

The contract contains one quality stream defining the commercial terms for HMS 1&2:

The INDEX pricing configuration uses the formula code INDEX_MINUS_DIFFERENTIAL:

Price = TSI HMS 1&2 CFR Turkey (Average previous month, Official) − 15 USD/T

See Pricing Engine, Market Indices & Offers for details on index formula configuration.

Contract lifecycle

Confirm the contract once terms are agreed. From this point, every operation you create against Garfield Metals / New Jersey Yard can be prefilled from this contract — saving time and ensuring consistency.

Step 3 — Creating a Sale Contract

Repeat the same process for the customer side. Create a sale contract with Demirdöküm Steel.

See Contracts & Pricing for complete reference documentation.

Quality stream on the sale contract

The two contracts side by side

At this point, you have locked in the commercial spread:

The freight cost (the CFR leg from New York to Iskenderun) will determine whether this trade is profitable. This is exactly what the budget tool helps you validate before committing.

Step 4 — Creating Buy and Sell Operations

Contracts record intentions. Operations record commitments. When a deal is agreed, you create an operation from the contract.

See Operations & Lifecycle for complete reference documentation.

Creating the purchase operation

Create a BUY operation from the purchase contract:

1. Navigate to the Purchase Operations module

2. Select the Garfield Metals contract — Jules prefills all terms automatically

3. Review and confirm:

   • Site: Garfield Metals — New Jersey Yard

   • Quality: HMS 1&2, 500 T @ INDEX (TSI − 15), EXW

   • Equipment: 40' HC containers

4. Set the operation status to CONFIRMED

Jules assigns a unique Harold number (e.g., BUY-2026-0042) automatically. This number is the primary reference for all downstream activity.

Creating the sale operation

Create a SELL operation from the sale contract in the same way:

• Site: Demirdöküm Steel — Iskenderun Mill

• Quality: HMS 1&2, 500 T @ INDEX (TSI + 5), CFR Iskenderun

• Harold number: SELL-2026-0031

Operation lifecycle

Both operations should be CONFIRMED before logistics begins. Confirming locks the commercial terms and enables Purchase Order / Sales Order document generation.

Approval workflow (if required)

Depending on your organization's settings, operations above a certain value may require management approval before they can proceed to IN_PROGRESS. Jules supports an approval workflow at the operation level.

The follow-up tracker

Once confirmed, each operation shows a follow-up pipeline that tracks physical progress:

All 500 T start as Total (contracted). As containers are created, allocated, booked, loaded, and delivered, the numbers flow across this pipeline in real time.

Step 5 — Allocating Buy Containers to the Sell Operation

An allocation is the link between a purchase operation and a sale operation. It is how Jules knows which purchased material is being sold to which customer.

See Logistics & Freight for complete reference on allocations.

Creating containers

First, containers are created under the buy operation — one per physical shipping container. In our example: 20 containers, each planned for approximately 25 T of HMS 1&2. Each container receives its own Harold number.

Creating the allocation

The allocation links:

• Buy side: BUY-2026-0042, Quality HMS 1&2, New Jersey Yard

• Sell side: SELL-2026-0031, Quality HMS 1&2, Iskenderun Mill

Once created, the allocation moves containers from Planned to Allocated in both the buy and sell follow-up pipelines. The buy and sell operations are now commercially linked: Jules can calculate an estimated margin across this pair.

Blacklist check

Before confirming the allocation, Jules automatically checks whether the New Jersey Yard (buy site) is blacklisted by the Iskenderun Mill (sell site). If the Turkish mill has configured "no material from Yard X", Jules will warn or block the allocation at this point.

See Companies, Sites & Contacts for details on site blacklists and whitelists.

Step 6 — Booking Freight and Managing Logistics

With containers allocated, it is time to book shipping space. The logistics flow in Jules follows a strict hierarchy: freight rate → booking → containers → shipment.

See Logistics & Freight for complete reference documentation.

Freight rate selection

Before booking, verify that a valid freight rate exists in Jules for this lane:

• Shipping line: e.g., MSC

• Port of loading: New York

• Port of destination: Iskenderun

• Equipment: 40' HC

• Incoterm: CFR

The freight rate gives you the cost per container. In our example, assume USD 1,800 / container (roughly USD 72/T for 25 T containers). This is the main logistics cost that will determine whether the USD 20/T spread generates a positive margin.

Creating the booking

Create a FREIGHT booking:

Once confirmed, the booking is assigned to the 20 containers. Their status moves from Allocated to Booked in the follow-up tracker.

Pre-carriage

For EXW purchases, you also need to organize the pre-carriage — the inland transport from the New Jersey Yard to the Port of New York. Create a pre-carriage booking linked to the containers, selecting the appropriate road transport provider and pre-carriage rate.

Step 7 — Container Lifecycle: Loading, Shipping, Delivery

Each physical container moves through its own status lifecycle. Jules tracks every step.

See Logistics & Freight for complete reference on container statuses and shipments.

Container status progression

Loading

When MSC issues the booking confirmation (CRO — Container Release Order), containers are gated into the port. When loaded onto the vessel, each container is updated to LOADED status in Jules with:

• Actual gross weight (from the weight certificate)

• Net weight (commodity only)

• Date of loading

• BL number (once issued)

This is the point at which the VGM (Verified Gross Mass) must be submitted to the carrier.

Shipment creation

Jules groups all 20 containers traveling under a single Bill of Lading into a Shipment entity:

Shipment tracking

Jules provides real-time tracking:

Documentation workflow

The Bill of Lading documentation also follows a tracked workflow:

Delivery

When the containers arrive at the Iskenderun Mill and are discharged, each container is updated to DELIVERED status with:

• Actual delivery date

• Final delivery weight (from the mill's weight slip)

The follow-up tracker now shows 500 T / 20 Ctn Delivered on both the buy and sell operations.

Step 8 — Hedging the Price Risk

Our trade uses an index price (TSI HMS 1&2 CFR Turkey average M-1). This means the final price is not known at deal time — it will be fixed based on the index average for the month prior to shipment. Between deal date and the price fixation month, the market can move against you.

Hedging lets you lock in the economics of the deal on a commodity exchange (LME), neutralizing this market risk.

See Hedging & Risk Management for complete reference documentation.

The risk in our example

• You bought HMS at TSI − USD 15 (index-linked)

• You sold HMS at TSI + USD 5 (index-linked)

• Your spread is locked at USD 20/T regardless of where TSI moves — but only if you are hedged on the same index

If the index falls significantly between deal date and fixing month, both your buy and sell prices fall together. Your USD 20 spread remains intact. However, if only one side is index-linked (a common situation), or if the fixing months differ between buy and sell, you have an unhedged period exposure.

Creating a hedging contract

In Jules, create a hedging contract to cover the tonnage:

Container-level hedging allocation

Once the hedging contract exists, allocate it at the container level. Each container is linked to a portion of the hedge:

Jules tracks the hedging status per operation:

Step 9 — Invoicing: Proforma to Final

Invoicing in Jules follows a standard progression from preliminary to final, on both the buy and sell sides.

See Invoicing & Billing for complete reference documentation.

The invoicing flow

Sell side: proforma invoice

Because Demirdöküm pays by Letter of Credit, generate a proforma sale invoice before loading. This document:

• Shows the estimated value based on the contracted price formula (using the index estimate for the fixing month)

• Is used by the customer to open the LC with their bank

• Is flagged as isProforma = true in Jules

Buy side: purchase invoice

After the containers are loaded, Garfield Metals sends their invoice. Create a BUY invoice in Jules:

• Attach the 20 containers

• Enter the provisional index-based price (may still be temporary if the fixing month has not ended)

• Set status to OPEN

If the price is still provisional (isTemporaryPrice = true), the invoice is updated with the definitive price once the index average for the fixing month is published.

Final sale invoice

Once the containers are delivered and the weight at destination is confirmed, generate the final SELL invoice to Demirdöküm:

• Based on delivered weights (from the weight slip)

• Uses the final TSI average for the fixing month

• Replaces the proforma

Container invoicing matrix

Behind every invoice, Jules maintains a per-container cost breakdown. For our 20 containers, the matrix tracks:

This granularity allows complete reconciliation of every dollar in or out, per container.

Credit notes and debit notes

If the final delivery weight differs from the loaded weight (a common occurrence when buyers weigh on arrival), a credit note or debit note adjusts the invoice accordingly.

Step 10 — Margin Calculation: Estimated to Final

Margin is the ultimate measure of deal profitability. Jules maintains two margin states throughout the trade lifecycle.

See Margin Calculations for complete reference documentation.

Estimated margin (from allocation onwards)

As soon as the allocation is created (Step 5), Jules can calculate an estimated margin using contractual prices and estimated logistics costs:

Estimated margin/T = Sell price/T − Buy price/T − Estimated logistics cost/T

For our example, with TSI at USD 330/T at time of allocation:

• Sell price: USD 330 + 5 = USD 335/T CFR

• Buy price: USD 330 − 15 = USD 315/T EXW

• Freight: USD 1,800 / 25 T = USD 72/T

• Pre-carriage: USD 250 / 25 T = USD 10/T

• Estimated margin: 335 − 315 − 72 − 10 = USD −62/T ← not profitable!

Wait — the incoterm logic matters here. Because you buy EXW and sell CFR, you bear the logistics cost. The margin formula accounts for this:

Margin = Sell price (CFR) − Buy price (EXW) − Freight − Pre-carriage
       = 335 − 315 − 72 − 10 = −62 USD/T

This estimated margin tells you immediately that the freight cost of USD 82/T (freight + pre-carriage) exceeds the USD 20/T commercial spread. The trade is loss-making at these logistics rates — exactly the insight a budget should have surfaced before committing (see Step 11).

Final margin (after invoicing)

Once all invoices are settled, Jules replaces the estimated margin with the final margin — calculated from actually invoiced amounts rather than contractual prices:

Where margin appears in Jules

Dashboard margin — the full breakdown

The dashboard margin breaks the profitability down into more than 12 components:

This analysis confirms the trade is unprofitable at these freight rates. In practice, traders would either renegotiate the commercial spread (buy lower, sell higher) or find cheaper freight to make this trade work.

Step 11 — Budget Tracking and Goal Monitoring

Ideally, the economic analysis in Step 10 happens before the trade is committed, not after. This is the purpose of Budgets and Goals.

See Budgets & Goals for complete reference documentation.

Budgets — model the deal before executing

A budget models the full economics of the deal:

The budget immediately shows a negative net margin at the current freight rate (USD 82/T of logistics vs. USD 20/T of commercial spread). The budget approval workflow can block this trade from proceeding until the economics are corrected.

Budget approval workflow

Cashflow projection

The budget also models when cash flows in and out, exposing working capital requirements:

In this example, you pay the supplier 30 days after the BL, and collect from the customer 7 days after the BL — resulting in a net positive cashflow position (you collect before you pay). This is favorable working capital behavior.

Goals — volume and price targets

Goals set the strategic context for purchasing. Before this trade was even negotiated, your procurement team may have set a goal:

Goal: Buy 5,000 T of HMS 1&2, CFR Turkey destinations, by 31 March 2026, at a target price of TSI − USD 12/T.

This goal is set in Jules with:

• Quality: HMS 1&2

• Quantity: 5,000 T

• Target price: TSI − USD 12/T

• Direction: BUY

• Due date: 31 March 2026

Our BUY-2026-0042 operation contributes 500 T to this goal (even though we bought at TSI − 15, which is better than the TSI − 12 target). Jules tracks fulfilled quantity in real time — so the team knows how much of the Q1 target is covered at any given point.

How Every Step Connects

Looking back across the 11 steps, here is the complete lifecycle flow for our HMS 1&2 example trade:

Module reference map

Glossary