| How do I close my contract? |
Resolution | Verify the contract is ready to close Criteria for closing a contract - The receivable balance must equal the billed balance
- The retainage receivable balance must be zero
Compare your balances Review Accounts Receivable - Go to Accounts Receivable, Reports, Aging, Detail by Customer.
- Add a condition for Contract EQ [contract ID].
- Confirm the report returns balances of zeros and doesn't show any invoices.
- If negative and positive invoices appear on the report, clear them in AR before closing the contract.
- Adjust any remaining balances.
Review Contracts - Go to Contracts, Inquiry, Contract/Item Inquiries, Derived Totals.
- For CN Derived, select Active and click OK.
- For CN Contract, select Active and click OK.
- Click an existing column heading and select Add column after this column.
- Click Index, select the CN - Contract record and click OK.
- Select Status and click OK.
- Check the amount in the Retainage Balance column.
- Add Total Billed + Add-on Billed + Deduction Billed + Tax Billed for your billed balance.
- Add Cash Receipts + Receivable Adjustment for your receivable balance.
- Compare the totals from steps 7 and 8.
- If those columns equal AND the Retainage Balance is zero, you can close the contract.
- If the columns don't equal or the Retainage Balance isn't zero, make adjusting entries in AR. Contact Sage Support if you need assistance.
Close the contract - From the File menu, select Open Contract.
- Select the type of contract as Active.
- Select the contract from the list or type the ID of the contract.
- Click OK.
- Select the appropriate status for the contract, Closed or Paid in Full.
Note: If you need to close multiple contracts you can use ODBC to access the ODBC replaceable field CN - Contract Status. You must have security access and know how to use a third party application for this process. Change the Contract Status field to 4 for Closed or 5 for Paid in Full. |
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