Contract Management

Introduction

Contract Management (CM) allows an organization to specify multi-year contracts, one-time or recurring contracts, multiple levels of required approvals, and multiple vendor contracts within a master contract. Details are transferred directly into Accounts Payable.

The use of the CM subsystem is for internal tracking of the details related to a particular contract. Maintained within this subsystem are the tasks and cycle of the scope of work. When a specific type of work is to be completed by an outside contractor, the CM subsystem is used to review anticipated expense versus actual expense, and the documentation related to the contractor's credentials. The actual expense and encumbered detail is maintained in the General Ledger/Job Ledger and Encumbrance databases.

Features

The Contract Management System provides the ability to record multiple contracts within a master contract. You may specify multiple-year contracts, one-time or recurring contracts, multiple levels of required approvals, and multiple vendor contracts within a master contract. The system also supports the interfacing of purchasing and encumbrance entries with the ability to extract and efficiently disburse contract transactions using the Accounts Payable module.

• Create multiple vendor contracts within a master contract. Each contract may be for a single year or multiple years.
• Automatically transfer information from the Contract Management System into the Accounts Payable module via the approval process.
• Create encumbrances via the purchasing interface. Create and print purchase orders to update the Encumbrance System.
• Setup multiple task definitions for the creation of cycles. Each contract is associated with a predefined cycle.
• Each task is defined with a default number of days required.
• Define retainage method to be used for all payments against contract.
• Manage contract amendments and change orders.