# Valuation, PnL, MTM Status: `partial migration` Language: `en`
Mirror page: [valuation-pnl-mtm.md](valuation-pnl-mtm.md) ## BR-PT-VAL-001 - Valuation covers purchase, sale, and sale-first flows Source: `BR-PT-004`, `BR-PT-006`, `BR-PT-011` ### Consultant Rule PnL must exist for purchases and for sales, even when a sale is not yet matched to a purchase. ### Developer Notes

• An unmatched sale.line must generate at least sale priced, sale fee, and derivative when applicable.
• A basis sale with no price detail must still produce a zero line or the economic fallback price according to the applicable rule.
• Do not arbitrarily attach a single sale when several sales are matched to the same open balance.

## BR-PT-VAL-002 - Valuation references Source: `BR-PT-005` ### Consultant Rule The PnL reference must describe the nature of the valued line: purchase or sale, open or physical. ### Developer Notes

• Allowed references: Purchase/Open, Purchase/Physic, Sale/Open, Sale/Physic.
• A virtual lot must not be output with a physical reference.

## BR-PT-VAL-003 - MTM excludes fees Source: `BR-PT-007` ### Consultant Rule Mark-to-market applies to prices and derivatives, not to fees. ### Developer Notes

• MTM is allowed for pur. priced, sale priced, derivative.
• Fees are outside MTM: pur. fee, sale fee, shipment fee, line fee.
• For fees: mtm_price, mtm, strategy must stay empty.

## BR-PT-VAL-004 - Current snapshot and economic identity Source: session `2026-05-14` ### Consultant Rule `valuation_valuation_line` represents the latest known PnL image. It is not a history table.

• A new generation replaces the previous generation for the same economic reality.
• An unmatched sale owns its own PnL.
• A matched sale is owned by the linked purchase line.
• The PnL of a matched sale must not be generated twice: once from the sale side and once from the purchase side.

### Developer Notes

• Before creating rows in valuation.valuation.line, delete the current snapshot with the same economic identity.
• Economic identity:
  • sale_line when present, otherwise line;
  • lot;
  • type;
  • reference;
  • counterparty;
  • product;
  • state;
  • strategy.
• Do not include in the identity:
  • date;
  • price;
  • quantity;
  • amount;
  • mtm_price;
  • mtm.
• These fields are recalculated results and must be replaced by the latest generation.
• generate_from_sale_line() does not create a sale snapshot when the sale.line is already matched to a purchase.line; it redirects to the owner purchase line generation.