Adding Sub Contract Default Values—Extended Exercises

Basic Data Setup

Company Invoice Data

Purpose: The purpose of this exercise is to show you how to add invoice data to your company.

Windows:
Company/Invoice/Tax Information

General exercise for Entering Company Invoice Data

Tax Code

Purpose: The purpose of this exercise is to show you how to set up required tax codes. 

Windows:
Tax Codes

  1. Open the Tax Codes window.
  2. Create the tax code that should be associated with your sub contract, if it has not already been created.

General exercise for Tax Codes

Currency/Currency Exchange Rates

Purpose: The purpose of this exercise is to show you how to set up required currencies and currency exchange rates in the system.

Windows:
Currency Rate Types

  1. Open the Currency Rate Types window.
  2. Create the currency and/or currency exchange rate 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.

Prerequisite: The Copying Sub Contract exercise must be completed.

  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 enter added values on the sub contract. These values will be used as default values throughout the sub contract's lifecycle.

Windows:
Sub Contract

Note
Once you have completed this lesson, continue with the Adding Sub Contract Lines and Items - Extended lesson.

Entering Tax Code

Purpose: The purpose of this exercise is to show you how to define a tax code for the sub contract. This exercise is mainly intended for those who are working with companies that operate in a VAT or Mixed tax environment.

Prerequisite: The company that is associated with the sub contract cannot have a Sales tax regime assigned to it.

Note: If the payment process Self Billing is to be used, a valid tax code is required to be entered on the sub contract.

  1. Open the Sub Contract window.
  2. Populate (F2) or query (F3) for the necessary sub contract.
  3. Click the Defaults tab.
  4. In the Tax Code field, enter the tax code. Use the List of Values to select a value.
  5. Save the information (F12).

Entering Maximum Retention

Purpose: The purpose of this exercise is to show you how to define a maximum retention on the sub contract. Here, we will enter a maximum retention for the HVAC System sub contract that was defined in the Copying Sub Contract lesson.

Prerequisite: At least, an interim retention must have been defined for the sub contract.

  1. Open the Sub Contract window.
  2. Populate (F2) or query (F3) for the sub contract name HVAC System.
  3. Click the Defaults tab.
  4. Right-click and click Maximum Retention. The Maximum Retention dialog box opens.
  5. Click New.
  6. In the Currency field, enter CAD.
  7. In the Max Retention Amount field, enter 75,000.00.

Note: Some of the deliverables on the HVAC sub contract are associated with a different currency (USD). Therefore, we will create a maximum retention for this currency as well.

  1. Create a new record and define a maximum retention of 10,000.00 for the US Dollar.
  2. In the Exchange Rate Date field, enter today's date.
  3. Click OK.

Entering/Updating Default Values

Purpose: The purpose of this exercise is to show you how to add default values to the sub contract. Here, we will enter default values by adding new as well as changing values that were previously copied to the HVAC System sub contract.

Prerequisite: The Copying Sub Contract lesson must have been completed.

  1. Open the Sub Contract window.
  2. Populate (F2) or query (F3) for the sub contract name HVAC System.
  3. Click the Defaults tab.
  4. Verify that the following information has been copied:
        Payment term - 10
        Payment method - CHK
        Currency type - 1
        Interim retention - 10%
        Final retention - 5%
  5. In the Tax Code field, enter the required tax code.
  6. In the Payment Process field, enter Self Billing.
  7. In the Defect field, enter 90. The sub contract will have a valid warranty period of 3 months.
  8. In the Discount field, change the discount to 0%. There will be no discount on this sub contract.
  9. Make sure the Receive Application and Item Level Certificate check boxes are selected.
  10. Select the Activity Required check box.
  11. Enter suitable dates for the interim retention and final retention.
  12. In the Certificate Response Days field, change the number of days to 3.
  13. The percentage to recognize should be set to 100%.
  14. Save the information (F12).