Historical contracts lines: Before you begin

Complete these steps before you add historical contract lines.

Step 1. Determine your eligibility for using historical contract lines

The following scenarios are not supported for historical contract lines:

• Kit items

• Expenses

• Billing methods: Quantity based, Project time, Project materials, Project time and materials

• Evergreen

• Project-based and task-based billing and revenue templates

• Recognize on invoice revenue template

• MEA allocations

• Reallocation

If you need any of these features, use Contract schedules processing to import historical data instead.

Step 2. Lock entities (if applicable)

If you've used Contract schedules processing in the past and now want to use historical contracts, ensure your company or entities are locked.

If you've never used Contract schedules processing to add historical data, skip this step.

1. Go to Contracts > Setup > More > Process contract schedules.

2. Select Configure.

3. Select Locked.

4. Select Save.

5. In a multi-entity environment, repeat these steps for each entity.

Step 3. Determine your historical as of date

The historical as of date is the day before your go-live date. It separates the historical data from the non-historical data. It must be after the GL posting date and cannot be more than 6 months in the future. The historical amounts on or before this date will be posted and summarized into a single entry. As a best practice, select the same date for all contract lines in a contract.

If you've used Contract schedules processing in the past and now want to use historical contracts, make sure your go-live date is after the go-live date defined in Process contract schedules configuration.

Step 4. Create a Historical offset GL account

Create a dedicated GL account that will be used to post historical contract balances to ensure they are recorded correctly in the GL with dimensions. It must be a non-closing account.

For more information, see Add a General Ledger account.

Step 5. Assign user permissions

Users that will create or edit historical contract lines need the Contract: Historical permission assigned.

For more information, see Assign permissions to users or Assign permissions to roles (depending on how your company is configured).

Step 6. Pause contract renewals

To prevent the creation of renewals of historical contracts before you want them, pause automatic contract renewals.

1. Go to Contracts > Setup > Configuration.

2. In the Renewals section, turn off Automatic contract renewals.

3. Select Save.

Next step: Import historical contract lines or create historical contract lines manually.