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When viewing the renewed contract on the Maintenance Contract window, the Close button is disabled if the old contract is still being held open. You cannot close a renewed contract until the previous contract is closed.
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| title | About Closing an Expired Contract That Has Been Renewed |
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Run the contract close process when you are finished with a contract that was left open when it was renewed. The contract should be entirely billed and recognized for revenue. The contract close process determines if the contract is open for multiple date ranges; if so, the previous year amounts and total-to-date amounts are updated to keep the contract amounts accurate. When this expired contract is finally closed, the contract close process will look for the next future contract sequence number and will update the Contract Life-to-date on that contract, accordingly. Since the contract number can remain the same when the contract is renewed, the contract sequence number is incremented by 1. This allows us to uniquely identify each contract and allows us to calculate the next future contract sequence number to evaluate for update purposes. | Note |
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Run the Reconcile process on the new contract when the original contract is closed so that any trailing costs from the expired contract are correctly updated to the newer contract's totals to date. The Reconcile process is available in the Revenue/Costs window off the Contract Maintenance window. |
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Posting Maintenance Contract Renewals
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