Difficulty: starter/ novice/ expert/ legend
Content
Learning Objectives
After reading this article, you’ll be able to:
Tell what a contract is.
Create new contracts.
View and change details of a contract.
What are Contracts?
A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. Think of agreements regarding property, assets, or one with a cleaning company. Within Workplace Management, you can record and manage the different contracts within a company. You can add contract items, for example, rental price/service costs. A nice feature is that it is possible to send reminders of upcoming renewal dates , create invoices, and auto renew contracts.
Create a new contract?
1. To add a contract, open the contract menu and click on the first option: “Contracts.”
2. Click on “Create new contract” to create a new contract.
3. You will see a new screen with three steps: Contract Information > Duration > Reminder. This wizard will guide you through the process of creating a new contract.
4. In the “Contract information” step, we need to provide information in the following fields. The fields marked with an * are mandatory. After filling in the necessary information press “Next step” to go to the next tab.
Hover over the field for a couple of seconds to view the help text.
Field name | Description |
|---|---|
Category | Choose the option fitting the contract. |
Name | Fill in the name of the other party. |
Payment | Define if the contract is: to pay, receive a payment, both ways, or there is no payment involved. |
External Reference | A reference of an external party |
Description | A description of the contract |
Party 1 | In most cases, your own company |
Party 2 | The party which is involved in this contract. Choose one of the already created contacts. |
Main document | Upload the contract document here. This can also be uploaded after finishing the wizard. |
5. The “Duration” step is about the duration of the contract. After entering the necessary details, press “Next step” to continue.
Field name | Description |
|---|---|
Original start date | This is the original start date of the contract before any renewals. |
Duration | The duration of the contract |
Term of notice | A term's notice is use before the last day of the time and expires at the end of the next term. You can set here the period for it. |
Renewal after the end of the previous period | These options are supported:
|
6. The last step before finalizing the contract is “Reminder” step. Once these field are filled in, click on “Registration done” to finish the contract.
Field name | Description |
|---|---|
Automatic end period reminder | Yes or No, if yes there will be an automatic reminder sent based on your settings |
Send reminder X days before term of notice period | How many days before the notice term do you want a reminder sent? The period can be set in days. |
Contract reminder to | Choose to whom the reminder needs to be sent. |
The status of the contract is set automatically.
Draft: The contract start date has not occurred yet.
Active: the start date has commenced, but the end date of the period or termination date has not occurred yet.
Terminated: the termination date has been entered and has occurred.
Expired: the end date of the period has occurred and the contract has not been renewed.
An expired contract can still be renewed or will be canceled. If the contract is renewed, a new period will be generated or the current period will be extended (depending on the period schedule).
How to open an (existing) contract?
To open a contract, press “Contracts” in the Contracts menu.
Enter your query in the search bar or leave it empty (for all results), and press “Search.” You will see the results in the include beneath the search bar. Click on the contract you want to open to open it.
The tab “General”
In the “General tab,” you will find general information about the contract. It`s the same information you entered while creating the contract. You can change/add/update information on this screen.
The tab “Contract items”
Here you will see the following fields:
Field name | Description |
|---|---|
Pricing period | The standard price period of the contract |
Invoice period | The invoice period of the contract |
Total amount | The total amount of all contract periods |
Next payment | The date when the next payment is due |
At the bottom in the include, you can see the active, historical, and future contract items. You can change the view by clicking on the tabs. Below the row of tabs, you can see a list of active contract items and buttons to add different kinds; generic items, assets, areas, and properties.
Let`s add a generic item to the contract. Press “Add generic item.”
Now you can fill in the details of the new contract item. You can add a description, the quantity, the price, the period, etc. These values are going to be a part of the total contract. In this example, we added a rental fee for a printer.
The tab “Period Schemes”
You can create “Period Schemes” on this tab, which the contract will follow. The first period is created automatically. The next ones can be made through a scheme if it differs from the previous one.
The tab “Invoicing”
This tab shows every field/info that is necessary for an invoice. Decide from which date you will invoice the current contract and the payment cycle.
For more details about invoices and invoice runs, see the following article: link to article invoice runs
The tab “Indexing”
This tab shows all the info needed to raise the price. Decide from which date indexing is allowed.
For more info regarding indexation, see this article.
The tab “Notifications
On this tab, you can create.” notifications regarding contract renewals.
The tab “Documents”
Here you can find all the relevant documents for this contract, and you can add new ones.
The tab “Details”
Here you can find a summary of the different contract details.
Summary
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