To create a new Contract you will need to navigate to the Contract section and then press the [New] button.  You will then be provided with the Contract entry screen ready for you to complete.


Fig 1 - Contract Entry screen


All the fields on the default Contract entry screen and their meaning.


Field NameDescription
Contract#Unique identifier for the record, generated by the solution.
Type* **This is the term for the Type of Contract that you are creating.  The current Value Set will contain a default list of options, for example; Energy & Utilities, Legal, Professional Services, IT Software or Hardware etc.

If you have pre-defined fields or layouts for specific Contract Types** then the Type value you select here will adjust the form accordingly, for example an Energy Contract may require different fields to be completed or displayed than a Legal Agreement.

If you have a hierarchy of Contract Types use the Expanded Search icon to display all your Contract Types and their hierarchy levels
Contract TitleThe generic title for the Contract record (for example; Server subscription). This may not be the actual Contract document name as there may be more than one Contract document associated to the Contract record.
ReferenceA reference number for the Contract, this can be from a document or unique for your company records.
Category / Account CodeThe specific Category of the Contract. For example; if the Contract Type selected is Energy & Utilities, then you can specify an exact category of Electricity, Gas, Water, Sewerage etc.

The current Value Set will contain a default list of options.
Secure AccessDefault for all records is [Everyone rw] Everyone can see the record and has Read/Write access to it.  Access to the record can be restricted via this field, click to see all existing Security Groups that you can assign to this record, they can have either read/write or Read Only access.
Confidential?An indicator to say if this Contract is confidential, if ticked, then the Contract can only be viewed by people who are linked to the Contract. Please refer to People and Contracts for more details.
StatusThe current status of the Contract, the default status for all Contracts is 'Auto' but can be manually altered. If 'Auto' is selected it will enable the system to change the status of a Contract automatically.  This function is dependant on your specified 'Number of days before a Contract end date status is set to 'Due' value and the Contract End Date entered.

For example; you can specify that if any Contract End Date is within 30 days of the current date then the status of the Contract will automatically change to 'Due'.

You can specify the number of days all your Contracts automatically update from 'Active' to 'Due' in the Account Configuration screenthe default is set to 30.

Please note this setting will apply to ALL contracts.
Priority*The priority of the Contract. The current Value Set will contain a default list of options: High/Low/Medium.
DepartmentMulti select of Departments.

Either type the name of the Department directly into the field (if known), or use the magnifying glass to display the 'Find' screen to be able to search for the correct Department using various options.

If you have created an Organisation or Department Structurethen the various departments that you have created can be assigned to a specific Contract. By selecting a value here you are assigning the Contract to a department within your organisation. This will allow you to monitor all the Contracts a specific department is responsible for.

For example;
Department 1 is assigned Contract 1 for Energy & Utilities
Department 1 is assigned Contract 2 for Finance
Department 2 is assigned Contract 3 for Energy & Utilities
Department 2 is assigned Contract 4 for Professional Services

Now you can filter or view your Energy and Utilities Contracts and see how much each departments are worth, or you can filter or view by department and see exactly what Contracts they are responsible for.
Master Contract
TermThe Term field contains all the various ways that you can specify your Contract Term.  The Term Types available are None/Fixed/Recurring/Rolling.

Depending on your Type the field, some fields are mandatory for your selection, for example, Fixed will need at least 2 values entered to calculate the third. i.e. Start Date and Duration to calculated the End Date or Duration and End Date to calculate the Start Date.

Once saved the field will then display information based upon your Term Type, such as the Current Term, Renewal Date, Remaining Term, Cancel By Date

None
  • This is the field default and assumes that no Term is required
Fixed
  • Start Date - Enter Date or use the Calendar picker
  • Duration - Enter value using numeric value and an option from the drop down list
  • End Date - Enter Date or use the Calendar picker
Recurring
  • Start Date - Enter Date or use Calendar picker
  • Renewal Period - Enter value using numeric value and option from the drop down list
  • Specify Initial Period - Tick the checkbox and enter value using numeric value and option from the drop down list
  • Renews Until - Forever, number of set Cycles, or until a fixed Date
  • Notice Period - Tick the box and enter value using numeric value and option from the drop down list
  • [Cancel] - Allows you to set the Contract as Cancelled Immediately or at Next Renewal
Rolling
  • Start Date - Enter Date or use the Calendar picker
Contract Value (£)The Contract Value is the monetary value of the Contract.  There are three options to choose from:
  • Enter value - to enter the contract amount and its frequency, default value - Once, Daily, Weekly, Monthly, Quarterly, Bi Annual, Annual
  • Use Financials to Calculate Value - The solution will use the values entered in the Financials sub tab to calculate the Contract Value, please refer to Managing Contract Financials for more details.
  • No Value - If the Contract is a zero value contract i.e. NDA
User can optionally choose what values they with to see on the Contract form, a Lifetime Amount, a Frequency Amount, a 'Up To' Amount and also indicate if these values are Approximate or not.  Please refer to Contract Value for more details.
CurrencyThis is the currency in which the Contract is agreed.  If the Contract currency is other than your base currency then the system will also display the value in your base currency using exchange rates daily updated from Yahoo Finance.




All Value Set contents (Other than Status fields) can be adjusted to contain values pertinent to your company in the Value Sets screen.

** Specific layouts for Contract Types can be created in the Define Form Layouts screen.