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The contract task schedule dates are preserved for the new contract period if the contract that is being renewed has new dates that are the same month and day for both the start date and expiration dates.
Example: Contract 2020 with Start Date 01/01/2020 and Expiration Date of 12/31/2020 is being renewed. If the Start Date 01/01/2021 and Expiration Date of 12/31/2021 are entered for the new contract, then the contract task schedule dates remain the same in the new contract period.
When the dates differ from the contract being closed to the new contract date, you must verify your tasks and task schedule dates upon renewal as they cannot be preserved in all scenarios.
If you are renewing a contract that has a spending plan, and you are keeping the same estimate costs as the previous contract, the breakdown of the estimate estimated costs on the spending plan is transferred to the new contract. For example, if you are renewing a contract that runs from 1/1/2020 through 12/31/2020 with labor estimates of $600 in April and October and $100 in May through September, the same estimate costs default into the same months of 2021.
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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. 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.
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Run the Reconcile proccess 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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