Contract Closeout Tab

Use this tab to assign a closeout format to the contract. The format contains a checklist of tasks, activities, and other information that need to be addressed or completed during the contract closeout process.

A contract closeout occurs when all terms of a contract have been met and final payments have been made.

You can assign multiple closeout formats to a single contract record. However, duplicate format IDs cannot be linked to the same contract. If a format's closeout checklist is no longer applicable, you may replace or delete the format associated with the contract.

On this tab, you can assign closeout tasks to another employee, mark the task as Completed, and indicate the completion date. Additionally, you can specify supplementary information such as disposition of classified materials, inventions, or patents, and other issues related to the contract. At the end of the process, you can sign off the closeout and indicate the signoff date.

Before using this tab, review system-defined closeout details or create your own closeout descriptions and formats on the following screens:

• Manage Closeout Descriptions: Use this screen to enter, view, and manage closeout descriptions, tasks, or activities that need to be completed when the closeout is performed. Several Costpoint-defined closeout codes automatically load on this screen and can be used on the Contract Closeout tab, but you can also add your own closeout codes and descriptions.
• Manage Closeout Formats: Use this screen to define formats that you can use to track the tasks and other activities needed in the closeout process. Two Costpoint-defined closeout formats are already available on this screen, but you can also add your own closeout formats and customize the closeout checklist.

Once you select a closeout format, the closeout descriptions assigned to the format will display on the Closeout Details subtask available on this tab. Only descriptions assigned to the format via the Manage Closeout Formats screen display on the subtask. You cannot add a closeout task to the format on the subtask.

Contents

Field	Description
Closeout Format ID	Enter, or click to select, the closeout format that you want to use for the contract. Valid values are only those that exist on the Manage Closeout Formats screen. To display in the lookup, formats must have the following set up in Manage Closeout Formats: Show in Lookup checkbox selected Application field set to Contract or Both Only formats that are available in the lookup can be used for new records in Manage Contracts. Once you select a closeout format, Costpoint populates the Closeout Details subtask with the tasks or closeout descriptions assigned to the format. If you have already saved the contract record and you change the format, Costpoint displays a warning message letting you know that this action will clear the fields on the Closeout Details subtask. You can click OK to proceed with your action or you can click Cancel. If you clear this field and do not select a replacement format ID, Costpoint will also clear and disable the fields in the Closeout Checklist group box.
Closeout Description	This field displays the description of the closeout format ID.

Material Management Closeout

Field	Description
All Subcontracts Closed?	This field indicates whether all subcontracts linked to the contract have been marked as closed. This status is determined by the selection of the Final Acceptance checkbox on the Subcontract Closeout tab in Manage Subcontracts for each associated subcontract. This field displays a hyperlinked Yes or No value. When you click the link, Costpoint opens the Subcontracts subtask, where you can view the subcontract records tied to the contract.
Open PO Commitment Amount	This field displays the total outstanding purchase order commitments for projects linked to the contract. If records exist in the PO_RT_COMMIT_DETL table for those projects, the field shows the sum of open commitments; if not, it displays zero. This amount displays as a hyperlink, and clicking it opens to the View Purchase Order Commitments Summary screen. Click the Print Report button beside this field to print and download the Purchase Order Commitment Report. To view more information and a sample of the report, click this link: Purchase Order Commitment Report. Note: To ensure the most accurate and current information, you must run the Compute/Print Purchasing Commitments screen before generating the report. This helps support contract closeout and financial reconciliation by presenting up-to-date details on all relevant purchase orders.
All Purchase Orders Closed?	This field displays Yes if all the purchase orders linked to the subcontracts IDs associated with the contract have a status of Closed; otherwise, it displays No. When you click the hyperlinked text, Costpoint opens the View Purchase Order Status screen, listing all associated POs and their detailed information. Click the Print Report button beside this field to print and download the All Purchase Orders Closed Report. To view more information and a sample of the report, click this link: All Purchase Orders Closed Report.
Inventory Dispositions?	This field indicates whether there is any inventory remaining for projects linked to the contract. If there is quantity on hand in the inventory table for any of those projects, this field displays Yes; if not, it displays No. When you click the hyperlinked text, Costpoint opens the View Part Inventory screen, listing detailed information on current inventory associated with the contract's projects. Click the Print Report button beside this field to print and download the Inventory Disposition Report. To view more information and a sample of the report, click this link: Inventory Disposition Report.
All Vouchers Paid?	This field displays Yes if all vouchers to vendors with charges on projects linked to the contract have been fully paid; otherwise, it displays No. This field is not hyperlinked. Click the Print Report button beside this field to print and download the All Vouchers Paid Report. To view more information and a sample of the report, click this link: All Vouchers Paid Report.

Finance Closeout

Field	Description
All Projects Inactive?	This field indicates whether all projects linked to the contract are inactive. If all projects' active flag is set to N, the field displays Yes; if any project has an active flag of Y, it displays No. When you click the hyperlinked text, Costpoint opens the Projects Linked subtask, where you can view additional details about the project records tied to the contract.
Open Sales Order?	This field indicates whether there are any sales orders linked to the contract's projects that are currently open. If at least one sales order has a status of Approved, Pending, or In Approval, the field displays Yes; otherwise, it displays No. When you click the hyperlinked text, Costpoint opens the View Sales Order Status Information screen, listing detailed information on associated sales orders. Click the Print Report button beside this field to print and download the Open Sales Order Report. To view more information and a sample of the report, click this link: Open Sales Order Report.
All Billing Invoices Paid?	This field verifies whether every invoice linked to the contract's projects has been fully paid. If all invoices show a zero balance due, the field displays Yes. If any invoice still has an outstanding balance, it displays No. If there are no invoices associated with the contract, the field displays N/A. When you click the hyperlinked text, Costpoint opens the View Receivables and Collections screen, listing all associated invoices and their detailed information. Click the Print Report button beside this field to print and download the All Billing Invoices Paid Report. To view more information and a sample of the report, click this link: All Billing Invoices Paid Report.
Final Billing Completed?	This field displays Yes if final billing has been completed for all projects linked to the contract; otherwise, it displays No. When you click the hyperlinked text, Costpoint opens the Manage Project Billing Information screen, listing projects assigned to the contract and their billing information. Click the Print Report button beside this field to print and download the Final Billing Report. To view more information and a sample of the report, click this link: Final Billing Report.

Subtask

Subtask	Description
Closeout Details	Use this subtask to manage contract closeout activities, including task tracking and notifications, employee signoff, and final acceptance.