18. Contracts

Through the Contracts module, SocrateCloud covers the following functionalities:

The structure of contracts

Through the use of a single entity known as "Contract" you can manage multiple contract types. Access to contracts is done via two distinct windows, both of which can be found in the Main Menu -> Partner Relations -> Contract Management:

• • Customer contracts - Contracts Window;

  • Vendor contracts - Leasing/Insurance/Loans window.

Contracts are documents with “Contract” base document type, governed by the accounting calendar, with a standard workflow and their own posting rule.

Setup

In order to initialize a contract, you need to make the following settings in the Partner Relations -> Contract Management -> Setup Contracts menu, irrespective of the contract type:

1. Contract Type Category - useful attribute to break the contracts down on distinct categories established by the company's internal reporting requirements (e.g. Sales, Procurement). At the category level, you can indicate whether the contracts generate customer invoices.

2. Contract Type - this attribute is a useful to classify the contracts by their application areas, which is a subordinate level to the Contract Type Category. The contract types include in their definition a base contract type that separates customer contracts from vendor contracts:

   • "Leasing/Insurance/Loans" - type used for vendor contracts;

   • "Project/Annexes/Offer" - type used for customer contracts

   • "Work Contract"

3. Contract Source - useful attribute when classifying a contract by its source (Auction, Promotional Campaign, Renewal etc.).