Contract Status

You use the Contract Status field on the Contract Maintenance screen to track progress on particular contract and to restrict transaction processing, as follows:

• Estimate. Project and Job Costing assigns this default status when you create a new contract. This status lets you add new projects and estimates to the contract, but you cannot record transactions for a contract with an Estimate status.
• Approved. This status indicates that the contract has been signed. It lets you change the statuses of individual projects to Approved, but it does not permit you to record transactions.
• Open —This contract status allows you to open projects.
• On Hold—You use this status for a contract to prompt a warning that the contract is on hold when you process transactions. You would use this status, for example, if some aspect of the contract is in dispute. (You cannot process transactions for a contract with On Hold status if the contract or project has never been opened.)
• Inactive —You cannot post cost transactions to a contract, or alter the contract, while it has Inactive status. Normally, you use this status prior to deleting a contract to prevent any further activity.
• Completed —You use this contact status to indicate that all the contract projects are closed, prior to closing the contract.
• Closed —This status on a contract means that all the work on the contract is finished, and that you have recognized all revenues, and processed all billings, receipts, and closing accounting entries. (The program sets this status for Completed projects during revenue recognition.)

When you change the status of a contract, the program displays a message asking whether you also want to change the statuses of contract projects. You can select a status, then click Change to change the status of all the projects at once.