How should I manage monthly recurring contracts?

[Product FAQ]

How should I manage monthly recurring contracts?

[Support Team]

Re: How should I manage monthly recurring contracts?

To manage monthly contracts (or any other recurring term), you should first create a contract record for the first month, fill in all the relevant contract information as agreed with the customer – like service terms - and save.
This should be repeated for all your customers with monthly (or other) recurring terms.

Then, when the month ends (or at any time prior to this) you should copy the contract and set new Start and End Dates for it (for the next month).

You can copy a single contract by selecting it in the Contract window and selecting the Copy option from the tool bar, or you can use the ‘Batch Copy of Contracts’ option (this will let you create many new updated contracts for expiring contracts).

When copying contracts, the original contract information is copied to the new contract – like service terms, the initial Block of Time value, Notes, etc.

Also, the contract sub-code will automatically be incremented.

The system will select the new copied contract as the default contract for the Account automatically, based on its Start Date. This means that you can copy a contract any time prior to its end and the system will only start using it when the previous contract expires.

Note: In order for the system to automatically select a contract by date, you should make sure the default contract selection for the Account is set to 'Automatic'.

For more details, we recommend you read about the Batch Copy of Contracts wizard.