The financial settlement - often labeled the 'exit bill' or 'divorce bill' - sets out how the UK and EU will settle their outstanding financial commitments to each other.

This can be seen at the UK Government pages below

https://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-8039

The settlement sets out the financial commitments that will be covered, the methodology for calculating the UK’s share and the payment schedule. 

Delaying Brexit meant that the UK makes more payments to the EU as a Member State but fewer through the settlement. The net effect for UK payments to the EU is zero.

During the transition period, until 2020, the UK will pay into the EU budget almost as if it were a Member State. The UK will also receive funding from EU programmes– such as structural funding – as if it were a Member State.