Add Contract Default Values

Explanation

Use this activity to add contract default values. The default values can be entered at the same time as when inserting all the other data on the contract header, or at a later date. The default values will be used throughout the contract unless they are manually overridden. Some of the default values are automatically copied to the items at the time they created, whilst others use the contract default value if left empty on item level. For details on the behavior of each default value see the Add Contract Revision Line Item activity.

Note that changing contract default values will not affect frozen contract revisions.

Prerequisites

A contract must exist or be created at the same time as when the default values are entered.

System Effects

Default values will be entered on the contract, and will impact all the contract revisions that are not frozen.

Window

Sales Contract

Related Window Descriptions

Sales Contract/Defaults

Procedure

  1. Open the Sales Contract window and click the Defaults tab.
  2. When a new contract is created, values will appear automatically in some of the fields. They can be changed if required.
  3. Enter or change the default payment term for the contract.
  4. If you want to have a default report code for the contract, select a report code from List of Values. All contract items will use this report code unless a report code is defined on the item.
  5. A default currency rate type is connected to your contract. Select another currency rate type if required.
  6. Enter the total retention and/or final retention for the contract. The retentions should be between 0% and 100%. Since the final retention is included in the total retention it should be less than or equal to the total retention.
  7. You can also define a maximum retention for the contract as a fixed value or a percentage. If the Percentage option is selected, Maximum Retention Percentage field will be enabled to enter the percentage, and the maximum retention values for all item currencies will be automatically calculated for an active revision. If the Fixed Value option is selected, right-click on the contract and select the Maximum Retention menu option, to define the maximum retention values for each item currency.
  8. Enter a date in the Exchange Rate Date field if a currency other than the contract currency is being used.
  9. If applicable, enter a discount for the contract as a percentage.
  10. When creating a new contract the default calculation type is Sales Value. The calculation type determines how the cost and sales values are calculated for the contract line item. The possible values for this field are Cost Value or Sales Value.
  11. Save the information.