Contract Master Records
1. Populate the Contract field with a user defined value for the master contract name or number, as well as a description for the master contract.
2. The default extension will be ‘00’. Future extensions can be created from an existing record, for contract renewals or modifications, using the New Extn button in the lower left.
3. The default Change Order will be ‘00’. Future change orders, if used, can be created from existing records, for contract change orders, using the Chg Order button along the bottom of the screen. When creating new Change Orders, the reason field can be populated to indicate the reason for the Change Order.
4. Use the list of values button to select a Contract Type code. Contract type codes are defined at Maintenance> Codes> Contract Type Codes.
5. The status field is typically set to active, however, contract records can be inactivated using this field, or set to a status of Proposal if the contract is not yet executed. Contract forecasting reports can be created to analyze contracts in the Proposal status with a defined Probability percentage in the field provided.
6. Use the list of values to select a customer number and location to which this master contract record is associated.
7. Check the flag for Recurring Contract Included?
8. The default bill to and ship to customer locations will be pre-populated based on the customer selected earlier. These can be over-ridden here, as well as at the line level of the contract.
9. The default sales rep will be populated based on the value at the Customer Master, but can be over-ridden if necessary.
10. The default revenue entity will be populated by the users current default sub-entity, but can be over-ridden here as well as at the line level.
11. Optional fields are provided to store information on projected sign date, actual signed date, signed internally by, and signed at customer by. These fields are for reporting purposes only.
12. Populate the effective date for the contract. If left blank, today’s date will be treated as the effective date. If the contract has a fixed term, the term in months field can be populated to drive the expiration date. Term in months and expiration date can be left blank for perpetual or auto-renewing contracts.
13. Customer PO number can be defined here at the Master Contract, or over-ridden at the line level.
14. Click Save.