Updating project contracts

Use IDM Template

Select this check box to use an IDM template for the invoice format.

Invoice Format

Select the format for the invoice. If no format is selected, then no invoice is available to view or to email to customers.

Invoice Reversal Format

Select the invoice format to use for invoice reversals. If no format is selected, then no invoice reversal is available to view or to email to customers.

Alternate Chart

Select the chart of accounts to use for invoice summarization when summarize by parent account is used. This field is only valid when the billing override on the finance enterprise group is account dimension.

By Project

Select whether to summarize on the posting, summary parent, or contract level to summarize. If this field is blank, then the invoice is not summarized by project.

By Account/Account Category

The field label depends on the dimension that is selected on the Billing Override Level field on the FEG. See the Options tab. Select the level to summarize. If this field is blank, then the invoice is not summarized by account or by account category.

By Resource

Select this check box to summarize the invoice by resource.

By Billable Rate

Select this check box to summarize the invoice by billable rate.

By Fee Code

Select this check box to summarize the invoice by fee code..

Budget Scenario

Select the budget scenario to use to calculate the remaining budget amounts. The budget scenario is used to show the total budget amount fields for the contract total and the Posting Projects tab.

If you change the budget scenario and save the record, then the the total budget and budget remaining are also recalculated.

See Adding funding sources to project contracts.

Override Billing Method

Select the override billing method for this posting project. The value on the project contract is overridden.

Billing Rate Table

If the Override Billing Method is Rate Table, then select the rate table to use for billing.

Markup Percent

If the Override Billing Method is Cost Plus, Time And Materials, or Rate Table, then specify the override markup percentage.

Billing Maximum

Optionally, specify the amount if a limit exists for the amount that can be invoiced for the posting project.

Revenue Structure Option

Select whether the revenue structure is defined as a full or partial finance code block for the project billing override.

Partial Revenue Finance Structure

Specify the dimensions to override for revenue for the project billing override. The value on the project contract is overridden. The value from the originating expense is used if dimensions are blank. The list is filtered on revenue accounts because the account is generally a revenue account. If another account type is required, then any account can be used.

These are the default methods for creating revenue transactions:

• The finance code block from the invoiced transaction is used.
• If the Project Billing Override record exists and a partial revenue finance structure is included, the specified dimensions are used as the default and the default method ends.
• If the posting project record contains a partial revenue structure, the specified dimensions are used as a default and the default method ends.
• If an account category record for FD3 or FD4 exists that includes a partial revenue finance structure, then those dimensions are used as the default. Dimensions that are not specified on the FD3 and FD4 account category records are determined by the dimensions of the project funding source.

Full Revenue Finance Structure

Specify the full revenue finance structure for the project billing override. The value on the project contract is overridden. The list is filtered on revenue accounts because the account is generally a revenue account. If another account type is required, then any account can be used.

Tax Exempt

Select whether the posting project is tax exempt. The value on the project contract is overridden.

Buyer Tax Code

Select the tax code or the tax table for the posting project. The value on the project contract is overridden by this code.

Buyer Tax Location

Select the override buyer location for the posting project. The value on the project contract is overridden.

Exclude Fees

Select whether the posting project excludes fees. The value on the project contract is overridden.

Unbilled

Click this link to view a list of unbilled transactions by posting project. A list of transactions that have not been invoiced is displayed.

Unrecognized

If the revenue recognition is separate, click this link to view a list of unrecognized transactions by posting project. A list of transactions that have not been recognized for revenue is displayed.

The Billing Overrides tab contains override values for the posting project. The override values are located at the account, account category, or another dimension that is specified in the set up of the finance enterprise group. Open the record to see all of the fields that are available to update. Specify this information:

Account or Account Category

The name of this field depends on the dimension that is selected as the Billing Override Level. The Billing Override Level is on the Options tab of the finance enterprise group. Select the override summary or posting level account or account category or dimension for the override. The value on the posting project and project contract is overridden. If multiple overrides are set up at the posting level and the summary level, then the lowest level takes precedence.

Billing Method

Select the billing method for the override. The value on the posting project and project contract is overridden.

Billing Rate Table

If the Billing Method is Rate Table, then select the rate table to use for billing.

Markup Percent

If the Billing Method is Cost Plus, Time And Materials, or Rate Table, then specify the markup percentage. The value on the posting project and project contract is overridden.

Tax Exempt

Select whether the override is tax exempt. The value on the posting project and project contract is overridden.

Benefit Received Tax Code

Select the tax code or tax table for the tax override. The value on the posting project and project contract is overridden for the account or account category that is specified.

Benefit Received Tax Location

Select the location for the tax override. The value on the posting project and the project contract is overridden for the account or account category that is specified.

Product Tax Category

Select the product tax category for the override. Product tax categories are used to group items or services so that they can be taxed differently. Product Tax Categories are defined in the Tax system and must be set up in Vertex for the tax calculation.

Revenue Structure Option

Select whether the revenue structure is specified as a full or partial finance code block for the project billing override.

Partial Revenue Finance Structure

Specify the dimensions to override for revenue for the project billing override. The value on the posting project and project contract is overridden. The dimensions that are blank inherit the value from the originating expense. The list is filtered on revenue accounts because the account is generally a revenue account. If another account type is required, then any account can be used.

These are the default methods for creating revenue transactions:

• The finance code block from the invoiced transaction is used.
• If the Project Billing Override record exists and a partial revenue finance structure is included, the specified dimensions are used as the default and the default method ends.
• If the posting project record contains a partial revenue structure, the specified dimensions are used as a default and the default method ends.
• If an account category record for FD3 or FD4 exists that includes a partial revenue finance structure, then those dimensions are used as the default. Dimensions that are not specified on the FD3 and FD4 account category records are determined by the dimensions of the project funding source.

Full Revenue Finance Structure

Specify the full revenue finance structure for the project billing override. The value on the posting project and project contract is overridden. The list is filtered on revenue accounts because the account is generally a revenue account. If another account type is required, then any account can be used.

See Adding project contract fees to project contracts.