Create a New Contract

For overviews on setting up contracts, see:

Before you add a contract, you must add the following records to your Project and Job Costing system, as your contracts require:
Account Sets
Projects
Categories
Employees
Equipment
Subcontractors
Miscellaneous Expenses
Overhead Expenses
Charges
Optional Fields (if used)
If you use General Ledger, you must also add the following accounts to your chart of accounts, if they do not yet exist in General Ledger:
Work in progress
Cost of sales
Billings
Revenue
Payroll expenses
Employee expenses
Labor
Overhead
Equipment
Cost

For information about adding accounts in Sage ERP Accpac General Ledger, see the General Ledger help.

For projects added when you ran the New Contract wizard:

Verify the project information. If you need to change estimates, use the procedures outlined in steps 5 and 6 for adding estimates.
Delete any projects that are not required for this contract.
1. On the contract tree, select (highlight) the project that you want to delete.
2. Click the Delete key that is located below the Project tab.
Note: Do not click the Delete key located below the contract tree, or you will delete the contract.
1. Click Yes at the warning asking if you are sure you want to delete the project.

Add categories and estimates to each basic project you assigned to the contract.
Add categories, resources, and estimates to each standard project you assigned to the contract.
If you are transferring information from another job-costing system:

Post opening actuals balances, activity statistics, and stored material balances.
If you use retainage, post opening retainage amounts for retainage receivable and retainage payable.

If you did not use a template to create the contract, assign projects to the contract.
Enter estimates for standard and basic projects you assigned to the contract.
If you are entering information for a contract you maintained in another job costing system:
Enter opening actuals balances
Enter opening activity balances
Enter opening balances for stored material
Enter opening retainage balances
Print the Contract Details report. This report provides a record of the estimates and basic project information for contracts.
After the contract is approved, change the contract status to Approved or Open.

You can change the status of all the contract projects at the same time as the contract status, or you can change the project statuses individually.

Note: You must change the status of the contract to Open before you can open any projects for the contract.

You must change the status a project to Open before you can process transactions for it.