This manual will contain details of how to set the contracting base
Contracting setup : Sales
a) Use Retentions for Sales- This should be enabled when the customer will have retention on sales.
Retention in construction contracts is a crucial agreement where a percentage of payment is held until the completion of the project, the purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. On completion, half of the amount retained is released and the remainder is released upon certification of making good defects at the end of the defects liability period. To know more in detail about retention, kindly refer
- Contracting setup : Procurements
Use supplier rating- It works based on each purchase order, Criteria can be created by entity, it can be quality, delivery time or payment terms. Based on overall purchase per supplier, average rates are calculated.
Tendering functionality-It is when procurement requisition is generated, user will have an option to raise RFQ (Request for quotation) to supplier, based on that comparison can be made, further purchase order can be created. Refer the hyperlink for more detailed understanding, Requisition- RFQ
Proforma Invoice received estimation- By amount/ by Quantity. By amount, system will take % of
- Contracting setup : HR and Project Progress-
Progressive billing- Revenue is recognized based on progress. When invoice is issued to client, only billing account is offset.