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On this tab, you can specify the default terms to be used under this contract.
The "Contract (create)" form. The Terms tab
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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 month-end closing document date will be used for all documents posted in this month.
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.
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