Deltek Vantagepoint Help

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Contract Tab of Contract Management Form

For a regular or promotional project, use the Contract tab to enter contract amounts and other information about the contracts for the project.

In addition to entering contract amounts for the project as a whole, you can also enter amounts for lower level work breakdown structure (WBS) elements if the project has multiple levels.

Note that if you want to create contracts for multiple projects at one time based on their existing compensation amounts, you can use the Create Contracts from Fees utility in the desktop application (Utilities > Updates > Create Contracts from Fees) to do that.

Contents

Much of the information for Vantagepoint is entered and displayed in grids on various forms. For information about using grids, see Working with Grids.

Currency Options

If Vantagepoint is set up to use multiple currencies, a project's project currency, billing currency, and functional currency can be different currencies. Depending on how Vantagepoint is set up, you may be able to enter separate sets of amounts for each type of currency. Use these currency options to enter or view contract amounts in different currencies.

If Vantagepoint is not set up to use multiple currencies, you can only enter one set of contract amounts.

Field Description
Project Currency If you track multiple currencies in Vantagepoint, select this option to enter or view contract values in the same currency in which you manage a project. This currency may be different from the functional currency of the project’s home company.

For each project, you define the project currency at the top level of its WBS and the project currency applies to any and all lower levels (that is, phases or tasks) of the project's WBS. When labor or expense charges are made to a project, the charges are recorded in the project currency, as well as all other appropriate currencies.

You use the project currency for all project management purposes, including project reporting and project planning.

Billing Currency If you track multiple currencies in Vantagepoint, select this option to enter or view contract values in the same currency for which you generate invoices for a specific project and all its phases and tasks. If the billing currency is the same as the project currency, billing currency amounts are automatically the same as the project currency amounts that you enter and you can only view them when you select this option.

For each project, you define the billing currency at the top level of its WBS and the billing currency applies to any and all lower levels (phases or tasks) of the project's WBS.

Functional Currency If you track multiple currencies in Vantagepoint, select this option enter or view contract values in the project company's functional currency. If the functional currency is the same as either the project currency or the billing currency, functional currency amounts are automatically the same as the matching currency amounts that you enter, and you can only view them when you select this option. However, if your functional currency is different from both the project currency and the billing currency, you can enter separate amounts in the functional currency.

Contract Management Grid

Use the Contract Management grid to enter summary information about the contracts associated with the project. You can only update the Contract Management grid when you are viewing the project level of the WBS. If you are viewing a lower level of the WBS, the grid displays those contracts that are associated with the selected WBS element, but you cannot make changes to them.

Click + Add Contract below the grid to add a new contract for the project.

Field Description
Contract Description Enter a short description of the contract.
Contract Type Select the type of contract (for example, Original or Change Order).

In addition to the Contract Management report, you can also filter other project reports by contract type (for example, the Office Earnings, Project Earnings, and Project Summary reports).

Contract Number Enter a contract number. Each contract number entered for a given project must be unique for that project. However, a project can have the same contract number as another project. This enables multiple projects to be part of a single contract for reporting purposes. For example, you can set up the Contract Management report to sort first by contract and then by project within contract. If you do set up multiple projects under one contract, the contract amounts you enter on this tab for a given project should reflect only the part of the contract that applies to that project.

Note that you can change contract numbers. This enables you, for example, to use one numbering scheme for contracts you are pursuing and a different numbering scheme for final contracts.

Contract Status Select the current status of the contract (for example, In Negotiation or Approved & Signed).

In addition to the Contract Management report, you can also filter other project reports by contract status (for example, the Office Earnings, Project Earnings, and Project Summary reports).

Include in Fees Select this check box to update the project compensation amounts with the contract amounts for this contract and prevent further changes to the compensation amounts, except by changing the corresponding contract amounts.

For example, you may enter preliminary amounts on the Compensation tab early in the contract process, and then, when the contract is signed, select this check box to sync up the compensation amounts with the final contract.

This option is only available if Vantagepoint is set up to synchronize contract amounts and compensation amounts. In addition, if Project Entering Method is set to At All Levels of the Work Breakdown Structure on the Contract Management settings form and you have entered contract amounts for lower level WBS elements in the Contract Details grid, you cannot select this check box if those lower level amounts do not sum up to the contract amounts entered in the Contract Management grid.

Note that if this check box is selected for contracts for a project and you later change the WBS in the Projects hub or via the Key Conversion utility, Vantagepoint may, in some cases, need to clear this check box for one or more contracts so that you can reallocate contract amounts to lower-level WBS elements in the Contract Details grid. In those cases, a message displays when you make the WBS change to notify you that the check box has been cleared. Once you have completed the allocations, you can reselect the check box.

Request Date Select the contract request date. For example, your corporate policy could be to enter the date when the contract discussion started.

It is important to have a clear policy for assigning this date and follow it consistently so you get meaningful results if you filter reports based on request date.

Approved Date If the contract has been approved, select the contract approved date. For example, your corporate policy could be to enter the date that the contract was signed.

It is important to have a clear policy for assigning this date and follow it consistently so you get meaningful results if you filter reports based on approved date.

Period Select the fiscal period with which you want to associate the contract.

It is import to have a clear policy for associating a contract with a period and follow it consistently so that you get meaningful results if you filter reports based on fiscal period. For example, you could associate a contract with the period in which the request date falls, the period in which the current contract status was assigned, or the period in which the approved date falls.

The associated period is also important if you use contract amounts in custom revenue methods to calculate revenue using the revenue generation process.

Direct Labor Enter the contract amount for total direct labor.
Direct Expense Enter the contract amount for total direct expenses.
Compensation The compensation amount is automatically calculated as follows: Direct labor + Direct expense.

You cannot change this amount directly. It is updated when you make changes to the amounts in Direct Labor or Direct Expense.

Direct Consultant Enter the contract amount for direct consultant fees (fees for consultant work that are not reimbursable).
Reimbursable Expense Enter the contract amount for expenses that will be reimbursed by the client.
Reimbursable Consultant Enter contract amount for consultant fees that will be reimbursed by the client.
Reimbursable Allowance The reimbursable allowance amount is automatically calculated as follows: Reimbursable expense + Reimbursable consultant.

You cannot change this amount directly. It is updated when you make changes to the amounts in Reimbursable Expense or Reimbursable Consultant.

Total Contract

This field displays the total contract amount. This amount is automatically calculated from the amounts in the other contract amount fields: Compensation + Direct consultant + Reimbursable allowance.

To do the following for a contract, hover over the row, click this icon, and select the corresponding option:
  • Copy: Add a new contract by copying the current row and then modifying it as necessary.
  • Credit Allocation: Display the Credit Allocation dialog box, and enter employee sales credit percentages for the contract.
  • Notes: Display the Notes dialog box, and enter notes related to the contract.
  • Delete: Delete the contract.

Contract Details Grid

Select a contract in the Contract Management grid, and then use the Contract Details grid to spread contract amounts for that contract among elements at lower levels of the WBS. This is always optional, and early in the contract process, you may not have the information you need to do it.

Depending on options that your system administrator selects on the Contract Management settings form, you may be restricted to entering amounts at the lowest level of your WBS, in which case they will be automatically rolled up to higher levels. If instead Vantagepoint is set up so you can enter amounts at any level, automatic summation may or may not occur. For more information, see How Contract Management Settings Affect Contract and Compensation Entry.

By default, the Contract Details grid contains the full WBS for the project. If you click and select a lower level WBS element, the grid only displays that part of the WBS.

If your security role does not give you access to the complete WBS for a project, some values at higher levels of the WBS may be masked because their values do not reflect the WBS elements you do not have access to and thus are not accurate.

Field Description
Project This column displays the project WBS elements. You can expand or collapse the levels as necessary to focus your view on a particular part of the structure.

If you are viewing the project at the top level of the WBS, this column displays the complete WBS. If you are viewing a lower level WBS element, this column only displays that element and any elements below it in the WBS.

Direct Labor Enter the contract amount for direct labor for the WBS element.
Direct Expense Enter the contract amount for total direct expenses for the WBS element.
Compensation The compensation amount for the WBS element is automatically calculated as follows: Direct labor + Direct expense.

You cannot change this amount directly. It is updated when you make changes to the amounts in Direct Labor or Direct Expense for the element.

Direct Consultant Enter the contract amount for direct consultant fees (fees for consultant work that are not reimbursable) for the WBS element.
Reimbursable Expense Enter the contract amount for expenses for the WBS element that will be reimbursed by the client.
Reimbursable Consultant Enter contract amount for consultant fees for the WBS element that will be reimbursed by the client.
Reimbursable Allowance The reimbursable allowance amount for the WBS element is automatically calculated as follows: Reimbursable expense + Reimbursable consultant.

You cannot change this amount directly. It is updated when you make changes to the amounts in Reimbursable Expense or Reimbursable Consultant for the element.

Total Contract

This field displays the total contract amount. This amount is automatically calculated from the amounts in the other contract amount fields: Compensation + Direct consultant + Reimbursable allowance.