Adding Sub Contract Default Values—Key Exercises

Basic Data Setup

Payment Term/Method

Purpose: The purpose of this exercise is to show you how to set up payment terms and payment methods.

Windows:
Payment Terms
Payment Term

  1. Open the Payment Terms window.
  2. Create the payment term and method that should be associated with your sub contract, if it has not already been created.

General exercise for Payment Terms

Currency Type

Purpose: The purpose of this exercise is to show you how to define currency types.

Windows:
Currency Rate Types

  1. Open the Currency Rate Types window.
  2. Create the currency type that should be associated with your sub contract, if it has not already been created.

General exercise for Currency Information

Required Data

Creating Sub Contract

Purpose: The purpose of this exercise is to show you the required data that is used in the exercises below.

  1. Create the sub contract.

General exercise for Creating Sub Contract

Main Exercise

Purpose: The main purpose of this exercise is to show you how to add default values to your sub contract.

Windows:
Sub Contract

Adding Default Values

  1. Open the Sub Contract window.
  2. Populate (F2) or query (F3) for the sub contract name Central Air Conditioning.
  3. Click the Defaults tab.
  4. In the Payment Term field, enter 10.
  5. In the Payment Method field, enter CHK.    
  6. Verify that the following information exists:
        Currency type - 1
        Valuation method - Progress
        Payment process - Pay After Invoice
  7. Enter an interim retention of 10% and a final retention of 5%.
  8. In the Discount field, enter a discount of 3%.
  9. Make sure the Receive Application and Item Level Certificate check boxes are selected.
  10. Do not select the Activity Required check box.
  11. Enter suitable dates for the interim retention and final retention.
  12. In the Certificate Response Days field, enter 5.
  13. The percentage to recognize should be set to 100%.
  14. Save the record (F12).