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[Applause] hello and thanks for watching this a Q matica video on customer contracts so today we're going to go through the set up activate and renewal process of a relatively simple contract this contract will be for software where we have our setup fee and then our renewal fee so to get started let's create a new contract we'll give it an ID in a queue matica you can auto sequence this if you want we'll give it a contract template and the contract template will bring in a lot of our settings so these settings include how long the term is what the renewal period and the grace period is who to bill how to Bill them so let's take a quick look at the contract template and then we'll finish our contract so the contract template has a certain type renewable expiring and unlimited expiring is essentially the period the duration of the contract but at the end you can't renew it renewable is similar but you can continue to renew it at the end of the period unlimited means the contract has no end date it just goes on forever and this may be applicable if you're using the contract to do for example a monthly billing so here's our duration so it's one year but we can choose different increments here if we want to if the contract is refundable we turn this on here the refund period within 30 days mass renewal allows us to open up a process screen where we can see all of our contracts and renew them from one place but if you want to hand hold this contract then you may uncheck this our renewal period is 30 days before it expires this means that inside the contract we can do in actions renew 30 days prior to the expiration so we have that window it also means that after the expiration date we still have 30 days before we can renew the contract after that 30-day period the contract will be set to expired and the only thing you could do is create a new contract these enable items allow us to override the contract template so the detailed items which are shown here can I override those well I can if I turn this on when I generate an invoice from a contract do I want to automatically release or look at the invoice and release it manually I'm going to keep that off this contract template that we're creating right now has an effective date as of January 2012 and it's no longer valid after this date we don't have that turned on but you can make these templates go active and expire after a certain period of time [Music] contracts have a setup and activation have a billing period potentially and a renewal period and these different areas of the contract go into effect based on the timing of the contract so billing settings gives us the ability to continually bill on a regular basis from this contract so for example I can have this automatically have a recurring fee monthly of a certain amount if I turn that on if I don't need that and in this case because we're just renewing this software at the end of the year we're not going to use this setting we'll set it to on demand if you are doing recurring billing who do you build is the customer is it another account altogether or is it the parent of the customer and then when does the billing schedule start a queue matica has a set up and an activation date set up is a set a period of time where it maybe takes you some period of time to provision software for example but do we want to start the billing at that setup time or after the activation there's another period of time in the contract called the activation that you can run and then this billing is recurring billing can occur at that time instead of this time when I generate a bill do I want every line item from details to show up in the invoice or do I just want one summary line item that's your option here and this gives us the invoice and line descriptions so when we generate an invoice invoices have descriptions those descriptions show up inside the invoice form they also show on the invoice printout they even show up on the customer statements so they're pretty useful and how do you want those descriptions to be formatted you can click here and pull out any fields from the contract and have them show up on the invoice same thing with the line items if we were doing a case counter for example in this contract you get five cases per month then we'd use a non stock item here these are the details of the contract so as we mentioned before there's a set up there's a recurring that's the billing settings and there's a renewal in this case software license oh one is ten thousand dollars and it renews at ten thousand dollars the second line item here it's setups for four thousand dollars and then at the renewal we only charge eight hundred so let's go back into our contract and let's continue to set it up so we'll pick our customer we can choose the location we have a setup date and activation date and expiration date again the setup date could be maybe 10 days before maybe it takes a few days for your IT team to get things set up for the customer but in this case it's 6 3 and 6 3 the expiration date is calculated based on that year that we define our renewal point grace period came in from the contract template as did our billing information and our invoice and line formulas so here's our details for the contract these are the two line items and they have a set up a recurring amount of 0 and a renewal price now if we click on this item code this is actually a contract item and we call it a contract item because it's specific for contracts it's not just for example an on stock item so some of the things that make this different than a typical non stock item first off is what is the quantity that I want to use in contracts so in this case we always want to use quantity 1 for this contract item it's a maximum minimum and this is the default when we generate an invoice based on the set up what non-stock item code do we want to use and the reason we have that is our non stock items carry a few pieces of information but we still need to generate an invoice we need to know how do we bill it for example what GL accounts to use so our posting class we need to know for example the price in this case we're taking the default price over $10,000 and we need to know what GL accounts to use so if the posting class is pointing back to the item what's our revenue account here in this case it's 40,000 so that's why we have contract items and then non stock items inside of them and a better example of that is the renewal item we may need to use a different renewal item than the setup item and the reason for that is because perhaps we want to track new sales versus renewal sales and notice right here we can use the item codes price the non stock items code price or we can choose a specific amount for ten thousand ninety dollars and maybe our renewal price will be ten thousand eight hundred dollars it's gonna go up a little bit here's our summary of those charges our recurring billing is none so therefore all of this is grayed out so let's save this let's go back and what you can see here is these are still grayed out because these items were added before but if I go here and I delete this and I add this line item again I can now edit these numbers because these numbers were defined in the contract item I can't edit this because this one pulls from the non stock item itself and because we allow an able override in our contract template this allows us to make changes to this on the fly so this way we can negotiate our pricing with the customer and make changes when we get to creating the contract you can also use promo codes here so you can have certain discounts set up and then use them here if the customer is maybe taking advantage of a certain discount that you're running promo recurring summary would show up here if we were using the billing settings we're not our contract history gives us the ability to keep track of what's happened with this contract it was created on this date by this user and then if we go in here and we set up and activate this contract we'll do so on this six three date now you can see this extra event that's occurred so we can keep track of what's going on here if we go over to a our history we can see the invoice that was generated from our contract let's take a look at it because we're showing detail we can see the two contract items we can see the setup fee of $800 this particular customer is getting a number of different line discounts that they're eligible for automatically now when we're ready to renew this we can come to actions and click renew or we can go to contract under processes we can do our renew contracts any contracts that are eligible through that 60-day period we talked about the grace period and the renewal period they'll all show up here you can choose and move this date forward or backwards to do all your renewals and this gives you a quick idea of how to use a Comerica to bill a contract and then renew it at a given period could be monthly could be quarterly could be yearly in this case is what we did we're generating all our invoices we're keeping track of who's doing the work with the contracts and this allows us to ensure we don't miss any invoices that are supposed to go out the door for our customers and an opportunity to upgrade the customer so in our next video we'll talk about how we can use contracts to generate invoices based on billable activities using our support case management system but that's it for now if you have any questions our contact information is at the end of the video thanks so much for watching [Music] [Music]