Multi-Year contracts

[loberle]

I am trying to add a multi year contract. What is the best way to do this? Do I add a separate line contract for each year?

Depending on the contract, I may have different Annual Rates. I tried to select   "Annually" for the payment schedule, but if I put the full amount of the contract (3 year amount) , it reports it as the yearly cost.

[Community Alums]

One way you could handle this would be to create a Contract Rate Card for each year. You can set a Start/End date on each Rate Card for each year. Do you run into lots of contracts like this?

[loberle]

I haven't used the Rate Cards. What are the other benefits of using them?   We are just starting to implement the contract piece.

[Community Alums]

Other benefits to Contract Rate Cards:

• Allocate costs for a Contract to different Cost Centers
• Distribute Contract costs to Assets to get a better idea of Total Cost of Ownership
• Distribute Contract costs to Users to get a sense of user costs
• Have different time frames for the application of Contract expenses
• Generate Expense Lines to represent costs

[loberle]

Ben-

Once you start using rate cards, do you have to use them for all contracts. If you put the amount in the rate card, do you still complete the contract amount within the main form?

Thanks