You can define as many contract templates as needed by in each organization in the system.
Fields to note:
- Organization: An organization is a unit of your client or legal entity - examples are store, department. You can share data between organizations.
- Name: A more descriptive identifier (that does need to be unique) of a record/document that is used as a default search option along with the search key (that is unique and mostly shorter). It is up to 60 characters in length.
- Description: A description is limited to 255 characters.
- Contract Type: Unique ID for a contract type
- Active: There are two methods of making records unavailable in the system: One is to delete the record, the other is to de-activate the record. A de-activated record is not available for selection, but available for reporting. There are two reasons for de-activating and not deleting records:
(1) The system requires the record for auditing purposes.
(2) The record is referenced by other records. E.g., you cannot delete a Business Partner, if there are existing invoices for it. By de-activating the Business Partner you prevent it from being used in future transactions.
- Price List: Price Lists are used to determine the pricing, margin and cost of items purchased or sold.
- Payment Terms: Payment Terms identify the method and timing of payment for this transaction.
- Contract Invoice Schedule: Sets the invoicing configuration, in regards of when the invoicing occurs, what time period is going to be invoiced and the invoice date of created invoices.
- Payment Method: Sets what payment method must be used.
- Default Duration: Default duration of the contract
- Default Duration Unit: Default duration unit of measure for the contract
- Automatic Renewal: If Y, the contract automatically renews upon expiration unless the notice period is given
- Notice Period: Notice period for ending the contract
- Notice Period Unit: Unit for the Notice Period value