You can use this form to create a new contract for the company. Also, you can specify the GL accounts to be used for transactions related to this contract and set credit limit.
This form includes the following two tabs:

  • Main Parameters
  • Terms

The Main Parameters tab

On this tab, you can provide the main information about the contract: contract type, contract number, dates, currency and other.


The "Contract (create)" form. The Main Parameters tab

In the Contract # field, enter the contract number. In the From and To fields, select the start and end dates for the contract. Use the Currency field to specify the currency of the contract, the default currency is the national currency. Then, the system will generate a contract description in the Description field on saving.

You can use Contract Type field to select the type of the contract from the list of contract types.

In the Responsible field, you can select an employee who is responsible for this contract.

Note. All the documents that refer to this contract must be created in the currency of the contract.

The Terms tab

On this tab, you can specify the default terms to be used under this contract.


The "Contract (create)" form. The Terms tab

In the Price Type for Sales field, selected a price type to be used by default for sales to this company if the company is a customer.

In the Discount (Markup) Type for Sales field, selected the type of discounts to be used for the company by default.

You can use the Price Type for Purchasing field to specify the type of prices this company uses for sales to your entity> The price type can be selected form the Supplier Price Types master records.

In the Sales Payment Terms field, select the payment term for using in sales to the company.

You can use the Delivery Terms field to specify the deliver terms to be used for the company.

In the Maximum Reservation Period (Days) field, enter the maximum number of days that the goods can be reserved for this company.

Select the Use Phased Revenue Recognition option to be able to recognize revenues on each stage (or phase) of long-term contract completion process according to IFRS 15. This option is available if the Enable the Phased Revenue Recognition functionality option is selected on the Administration > Settings > General Settings form.

If multiple currencies are used during the contract completion, consider selecting the Use Exchange Rates on the First Revenue Recognition Date option. In case this option is selected, the exchange rate used when the first invoice is created will be used for all later documents. If the option is not selected, for each document the exchange rate in effect on the document date will be used.

Select the Apply Retention check box to indicate to the system that final payment retention must be applied to this contract of the company. This option is available if the Enable Retention Sales option is selected on the Administration > Settings > General Settings form.

The toolbar buttons

Click the Save button to save the new company or the Save and close button to save the company and close the form.

Click the Edit GL Accounts button to view and edit the list of default GL accounts assigned to this company contract.

Click the Generate button on the toolbar to generate documents related to the contract of the following type: Credit Limit.

Available Links

On the forms, the following links are available:

  • Companies GL Accounts: Use this link to view or edit the list of default GL accounts that are used for all contracts of the company. Also, you can create a new set of default accounts to be used for this particular contract.
  • Contract Limits: Use this link to specify the contract credit limits.


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