Creating a New Contract

For overviews on setting up contracts, see:

• Setting Up Contracts
• Defining Global Project Settings
• Assigning Projects to a Contract
• Assigning Categories and Resources to a Project

• Before you add a contract, you must add the following records to your Project and Job Costing system, as your contracts require:

  • Account Sets
  • Projects
  • Categories
  • Employees
  • Equipment
  • Subcontractors
  • Miscellaneous Expenses
  • Overhead Expenses
  • Charges
  • Optional Fields (if used)

• If you use General Ledger, you must also add the following accounts to your chart of accounts, if they do not yet exist in General Ledger:

  • Work in progress
  • Cost of sales
  • Billings
  • Revenue
  • Payroll expenses
  • Employee expenses
  • Labor
  • Overhead
  • Equipment
  • Cost

For information about adding accounts in Sage 300 General Ledger, see the General Ledger help.

• If you did not use a template to create the contract, assign projects to the contract.
• Enter estimates for standard and basic projects you assigned to the contract.
• If you previously maintained the contract in another job costing system, post opening balances:
  • Actuals
  • Activity Statistics
  • Stored Material
  • Retainage (if you use retainage)
• Print the Contract Details report. This report provides a record of the estimates and basic project information for contracts.
• After the contract is approved, change the contract status to Approved or Open.

  You can change the status of all the contract projects at the same time as the contract status, or you can change the project statuses individually.

  Note: You must change the status of the contract to Open before you can open any projects for the contract.

  You must change the status a project to Open before you can process transactions for it.