Managing Contracts (Prices, Rules, Terms & Conditions, Etc.)

Adam Graetz
Adam Graetz
  • Updated

Contracts in ServiceTrade are built by specifying the rule (or rules) that apply to entries in a list of standard items. Items may be given a set price per unit, or markup rules can be established to assign prices based on cost. There are also additional rules that can bet set to govern a contract, such as Payment Terms, Minimum Charge, Administrative Charge, etc.

This article will guide users through the process of managing Contracts in ServiceTrade.

 

Item Prices

The most basic Contract rule is a “per each” price. This involves applying a set price for any item in your item list. When an Invoice or Quote is built that includes the specified line item, the item rules will set the price of that item.

Additionally, you may specify a "Cost Markup" rule for individual items in your item list. Clicking on the box labeled ‘Per Each’ will allow you to select the "Cost Markup" option from a drop-down list.

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Note: Per each and cost markup rules will always override contract-wide markup rules.

 

Contract Rules

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Payment Terms

Every invoice generated with this contract will receive these payment terms by default. Options include: Due Upon Receipt, Net 7, Net 10, Net 15, Net 20, Net 30, Net 45 Net 60, Net 90, Net 120.

 

Minimum Charge

Every invoice generated with this contract will total at least this minimum amount.

Administrative Charge

An additional administrative charge line item of this amount will be added to each invoice generated with this contract. 

 

Additional Charges

Additional line items specified in this section will be added to each invoice generated with this contract.

 

Cost Markup

Cost markup allows you to modify the markup of groups of items according to cost. Items with a cost less than or equal to the amount within the first field will be marked up by a percentage indicated in the second.

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Invoice Notes

Every invoice generated with this contract will include these invoice notes.

 

Detail Level for Customer

You can specify the detail level that your customer sees on invoices and quotes that you create with this contract. If you do not choose customer detail levels for this contract, your account's default detail levels will be used.

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Note: When you select a new detail level for a Quote or a Invoice, this view will only be applied to new Quotes or Invoices created with the Contact. Existing Quotes or Invoices created with the Contract will be unaffected.

 

Terms and Conditions

You can specify the terms and conditions under which jobs, quotes, and invoices for this contract will be delivered. If you do not choose terms and conditions for this contract, your account's default jobs, quotes, and invoices terms and conditions will be used.

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Job Terms & Conditions

The Terms & Conditions you select here will be included on the paperwork your customer's signs during work acknowledgment.

 

Quote Terms & Conditions

The Terms & Conditions you select here will be included on Quotes when your customers review them. If Terms and Conditions are selected, your customers must acknowledge that they accept these Terms and Conditions when they approve your quotes.

 

Invoice Terms & Conditions

The Terms & Conditions you select here will be included on Invoices that your customers receive. If Terms and Conditions are selected, your customers must acknowledge that they accept these Terms and Conditions when they pay your invoices via Invoice Link.

 

Child Contracts

This section of the Contract page shows all the Contracts that are Child Contracts of the current Contract you are viewing. To read more about Child Contracts and Contract Inheritance, please see our article on Service Contracts and Inheritance.

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Invoices

This section of the Contract page shows the user all of the invoices currently using the specific Contract you are viewing. In the upper right of the accordion bar, it shows the total dollar amount of all invoices currently using this Contract.

ST-Office-Contract_Invoices.png

 

Comments and Attachments

Comments and Attachments can be added to Contracts in the same way they can be added to other entities within ServiceTrade. Standard visibility options are available for each, including "Only Your Company" and "Everyone."

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Contract Status

The contract status section on the top right side of the page will give you an overhead view of the contract you are viewing and how it is performing.

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  • Valid Until - Lists the contract's Expiration Date entered when creating or editing the contract.
    Note: The ends on date does not invalidate the contract. You will still be able to assign the Contract to Quotes, Jobs, and Invoices. However, the expiration date will appear in red when this is the case.
  • Expected Revenue - Lists the contract's Expected Revenue you entered when creating or editing the contract. This is what your Company expects the Contract to make throughout its life.
  • Invoiced Revenue to Date - Lists how much invoiced revenue to date, from invoices associated with this contract, your company has made.
  • Expected Margin - List's the Expected Margin you entered when creating or editing the contract. This is the percentage margin that you expect this contract to achieve.
  • Actual Margin - Lists the percentage margin that this contract achieves. The actual margin is calculated by comparing the job item costs on completed jobs for that contract with the invoiced revenue for that contract.
    • The expected and actual margin of each contract are now also included in the contract list export:
      Screenshot_from_2021-06-29_08-27-23.png

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