Contract Management
OBJECTIVE
The Contract Management function is used to create a link between the project, the customer and invoicing. The contract contains the basic information that will be used for invoicing and other contractual billing options.
PREREQUISITES
- Project Management
- Customer Management
- Salesperson Management
ICONS
Steps
maestro* ˃ Invoicing ˃ Contractual Billing ˃ Processing ˃ Contract Management |
Create a contract
- Enter the required information:
Field
Description
Number
Contract number or project number linked to the contract.
NOTE: The icon is used to select a project whereas the […] button is used to select an existing contract.
Description
Description of the contract.
NOTE: If the description is modified, it is updated in Project Management.
Division
Project division.
Status
Status of the contract.
Closing Date
Closing date of the contract.
- Enter the required information in the Project Description tab:
- Details section:
Field
Description
Site
Project (contract) site from Contact Management.
NOTE: If a site type contact is selected, the contact information is displayed on the screen (address, province, postal code, etc.).
If no site is selected, the following fields must be completed:
Address
Postal Code
Phone
City
Country/Region
Fax
Province
Zip Code
Field
Description
Site Manager
Name of the person in charge at the site.
NOTE: By default, maestro* displays the Project Manager in the selected project.
Customer Code
Customer to be invoiced from Customer Management.
NOTE: If no customer is defined in the project, but one is entered in the contract, maestro* updates the project on saving.
US Tax Code
Code of U.S. taxes to apply to sales linked to this contract.
This tax code is derived from the Define Tax Codes and applies only if the Management of US Sales Taxes is enabled, in the General Ledger configuration.
Salesperson
Code of the salesperson proposed by default for all invoices under the contract. This code is from Salesperson Management.
NOTE: If a salesperson is registered in the project, it is proposed by default.
Main Customer
Main customer code from Customer Management.
NOTE: Identifies the customer who provided the work to be done, but who does not receive the invoice. It is possible to print certain reports by main customer.
- Details tab:
Field
Description
Payment Terms
Payment term applicable to the contract.
NOTES: If no term is specified, maestro* uses the term from Customer Management.
The payment term is used to calculate the due date of the invoice.
The payment term can also be entered at the time of invoicing.
Activity
Default invoicing activity.
NOTE: If no activity is specified during invoicing, maestro* uses this activity by default.
Purchase Order
Purchase order number for the contract.
NOTE: This purchase order number is displayed in the invoicing screen and is also available when printing the List of accounts receivable.
Production No.
Production number for the contract.
NOTE: Available for information purposes only.
Customer Project
Customer's project number.
NOTE: If the Lien Management option is installed, the customer project created with this option can be selected.
Cost Rate
Percentage for generating an adjusting accounting entry for work in progress (WIP) if they are managed as active.
Holdback %
Holdback percentage applicable to all invoices for the contract.
NOTES: This percentage is applicable by default when invoicing, but it is possible to change it.
If a rate is entered in the Holdback Rate section in the Project, that rate is displayed.
Group
Default revenue group.
Chg Order
Default revenue group for change orders.
Start Date
Project start date entered in Project Management.
Delivery Date
Project delivery date entered in Project Management.
Provisional Date
Expected invoicing date for the holdback.
- GL Accounts:
If no account is entered, maestro* uses the account defined in the activity, or the account in Configuration.
Field
Description
Sale
General ledger account to which income is posted.
Change Order
General ledger income account to which change orders are posted.
NOTE: This can be the same account as in the Sale field if no distinction is made between sales and change order.
- Total section:
Field
Description
Contract
Original amount of the contract before taxes and change orders.
Change Order
Change order amount from the Change Order tab.
NOTE: This information is from the change orders entered in positive amounts in the Change Order tab.
Credit
Credit amounts granted.
NOTE: This information is from the change orders entered in negative amounts in the Change Order tab.
Invoiced to Date
Amount invoiced to date.
Holdback to Date
Holdback invoiced to date.
Total without Holdback
Total amount of the contract including change orders and credits.
NOTE: The total amount does not include the holdback amounts.
GST/PST
Taxes calculated on the contract and change orders based on the taxes defined in Customer Management.
Total to Date
Grand total invoiced including taxes.
Cumulative Work in Process
Cumulative amount of work in progress (WIP) for the contract.
NOTE: This field cannot be changed by the user. It is only calculated if the Cost Rates field is completed.
Holdback to Invoice – Contract
Amount of holdbacks to be invoiced on the original contract.
NOTE: This field represents the value of holdbacks that have not been posted and must be invoiced. Updated if the Transfer of Holdbacks option is set to No or Postponed. This setting is in General Settings, Contractual Billing section, under General.
Holdback to Invoice – C/O
Amount of holdbacks to be invoiced on change orders.
NOTE: This field represents the value of holdbacks that have not been posted and must be invoiced. Updated if the Transfer of Holdbacks option is set to No or Postponed. This setting is in General Settings, Contractual Billing section, under General.
Holdback to Invoice – Total
Total holdbacks to be invoiced on the contract and change orders.
NOTE: This field represents the value of holdbacks that have not been posted and must be invoiced. Updated if the Transfer of Holdbacks option is set to No or Postponed. This setting is in General Settings, Contractual Billing section, under General.
Holdback Receipt
Amount in holdbacks received.
Receipt
Amount cashed in receipts on the contract and change orders.
- The Additional Fields tab allows the user to personalize the Contract Management by adding fields. Click the Configuration button to do so.
- Enter the required information in the Change Order tab:
The totals can be entered in the change order layout by clicking the Insert a total row icon.
It is possible to unlock contracts so that quantities or amounts for already invoiced lines can be changed by clicking the Unlock the amounts/quantities alreadyinvoiced icon. However, it is impossible to unlock lines with invoices that are being processed (invoices entered, but not transferred).
Field
Description
Details
Brief description of the customer's change order.
NOTE: This description is displayed during invoicing, if the To Print field is checked.
Project
Project to which the change order is posted.
NOTE: The project may also be linked to a sub-project.
Activity
Invoicing activity for the change order.
Revenue Group
Revenue group for change orders.
Unit
Quantity linked to the change order.
Requested
Amount requested for the change order.
NOTE: This information is included in the Invoicing Suggestion report available by clicking the Print icon.
Approved
Amount approved by the customer for the change order.
NOTE: It is recommended to enter the amount approved by the customer before invoicing to see the amount requested versus the amount approved on the Invoicing Suggestion report.
Progress %
Invoicing progress percentage.
Progress Qty
Progress quantity for the change order
Invoiced
Amount invoiced to date for the change order if the invoice is posted and transferred to sales.
NOTE: Available for information purposes only.
Hlbk to Bill
Amount of the holdback to be invoiced on change orders if holdback accounting is set to No or Postponed.
NOTE: Available for information purposes only.
To Complete – % Complete
Percentage to complete on the change order.
To Complete – Amount
Amount to complete on the change order.
Production
Displays the quantity or the rate of production entered to date, for information purposes.
NOTE: This information is updated from the data entered in the option Production by bid item.
To Print
Indicates that the change order will be printed on the invoice, if the box is checked.
Total
Only indicates the total on the invoice, if the box is checked.
Contract Amendment Date
Date of the change order.
Directive No
Directive number.
NOTE: This information is included on the Invoicing Suggestion report.
Presentation Date
Date on which the directive is presented to the customer.
NOTE: This information is included on the Invoicing Suggestion report.
Purchase Order
Used to enter the customer’s purchase order number by change order.
NOTE: This information is included on the Invoicing Suggestion report.
Comment Summary
Comment on the change order.
Comments
Memo.
NOTE: Available for information purposes only.
Change Order Type
Invoicing method for the change order.
NOTES: The change order cannot be invoiced using a method other than the method selected.
Two values are possible: Contract Invoicing / Progress Billing or Cost Plus Invoicing.
Estimate Number
Estimate number from the Quotation module.
NOTE: Available for information purposes only.
Change Order Number
Change order number if the line was created from Change Order Management.
- Click Save.
See also
- Lien Management
- Accounts Receivable List
- Invoicing
- Holdback Invoicing