Enhanced interface

Configure contract schedules processing

Sage Intacct Administrators can configure your company's Go live date and define the clearing account to use for processing retrospective contract schedules. In multi-entity companies, administrators configure contract schedules processing at the entity-level.

Subscription	Contracts
Regional availability	Australia Canada South Africa United Kingdom United States
User type	Business user with admin privileges
Permissions	Administration Application Subscriptions: List, View, Subscribe, Configure Contracts Process Contract Schedules: List, View, Process contracts

Before configuring contract schedules processing

Determine the following data elements before configuring contract schedules processing:

Go live date: The date you intend to start using the Contracts application for new or in-flight contracts. It's the date on or after which contracts scheduled entries will post to the GL.

Historical clearing GL account: Identify or create a GL account to use for reclassifying Paid values. This account will net to zero. Multi-entity environments can use the same account or different accounts for each entity.

The following table shows the recommended GL account settings.

Suggested value by GL account field
GL Account field	Suggested value
Category	Choose an Asset category, for example "Other Assets" or "Cash and Cash Equivalents"
Account type	Balance sheet account
Normal balance	Debit
Period and closing type	Non-closing

Configure contract schedules processing

Business users with Administrator privileges can configure contract schedules processing.

You must configure a Go live date before importing any contract lines. On import, Sage Intacct flags schedule entries with scheduled posting dates that are before the Go live date as "Historical". The Process Contract Schedules function only processes scheduled entries that are flagged as "Historical".

Go to Contracts > Setup > More > Process contract schedules.
Select Configure.
Use the calendar tool in the Go live date field to select the date on and after which scheduled entries will post to the GL.
Use the Historical clearing account dropdown list to select the account to use to reclassify Paid balances.
Select Save.

Change the Go live date

You can change the Go live date if necessary. When you change the Go live date, Intacct sets or removes the Historical flag as applicable for schedule entries with scheduled posting dates prior to the new Go live date.

If you have already entered live transactions, the new Go live date must be on or before the posting date of the earliest live transaction. If you want to change the Go live date to a date that's earlier than the original Go live date and you have already processed historical schedule entries that occur after this new date, you’ll need to first clear the associated revenue and delete the applicable invoices for all affected contract schedules.

Go to Contracts > Setup > More > Process contract schedules.
Select Configure.
The Configure Process Contract Schedules popup window appears.
Use the calendar tool in the Go live date field to select a new date.
Select Save.

Lock contract schedules processing

When you’re finished processing all contract schedules, lock contract schedules processing for your company. In a multi-entity environment, lock it for each entity. The lock prevents any schedule entries from being flagged as "Historical" and allows live Contracts transactions to be created. For example, if you try to generate an invoice scheduled on or after the Go live date when contract schedules processing is unlocked, you’ll get an error message. When it's locked, Intacct will generate the invoice.

Note the following expected behavior:

You cannot lock an entity if it has contracts with historical scheduled entries that have not been processed.
After an entity is locked, you cannot back-date any live transactions to a date earlier than the Go live date.

Do not lock contract schedules processing unless all historical contracts have been processed. If you find historical contracts that you want to process after you set the lock, you can unlock contract schedules processing only if you have not create any live transactions. If you have created live transactions, your options are:

Delete all live transactions, unlock contract schedules processing, and process the historical contracts.
If you cannot delete all live transactions, make journal entries to adjust your historical and go-forward balances. See your implementer for details.

Go to Contracts > Setup > More > Process contract schedules.
Select Configure.
Select the Locked checkbox.
Select Save.

Field descriptions

Configure contract schedules processing field descriptions
Field	Description
Go-live date	The date on or after which scheduled entries will post to the GL. It's the date that you intend to start using the Contracts application for in progress or new contracts.
Locked	When you are finished processing all contract schedules, lock your company. In multi-entity environments, lock each entity. The lock prevents any schedule entries from being flagged as "Historical" and allows live Contracts transactions to be created. You cannot lock an entity if it has contracts with historical scheduled entries that have not been processed. Once an entity is locked, you can't back-date any live transactions to a date earlier than the Go live date. You can unlock contract schedules processing only if you haven't created any live transactions. If you have created live transactions, you can delete all live transactions and then unlock contract schedules processing.
Historical clearing account	Identify/Create a clearing account to use for Process Contract Schedules configuration. This account will net to zero. You can use the same account for each entity or you can have different accounts.