Usually, each month’s conversions are validated at the beginning of the next month. For example, January orders will be approved at February’s start. However, some offers have a return period of 30 days or more so once that period is completed, advertisers can do the validation. That’s why for a few offers, validation takes time.
Advertisers conduct monthly validations resulting in approving or rejecting the pending conversions for the last month.
Approved order means that the order is valid and successfully delivered.
Rejected order means that the order is invalid/not delivered/returned/canceled/duplicate.
Note: Approved conversions still enter the invoicing & payment process.