The financial setup within Klevr Contracts, a Dynamics 365 contract Management add-on, allows users to effectively manage contract budgets, transactions, and payment schedules. This guide will walk you through the steps to configure financials, ensuring accurate tracking and proper allocation of funds throughout the contract lifecycle, all with Dynamics 365.
How to set up & configure contract financials in Dynamics 365 using contract management add-on Klevr Contracts
1. Navigating to the financials tab
-
Open the desired contract in Dynamics 365 and navigate to the Financials tab.
-
You will see an overview of the financial details, including the total contract amount, calculated annual amount, and unallocated amounts based on budget allocations.
2. Set up contract budgets
- In the contract budget section, select the relevant budget allocation.
- Fill in details such as budget name, total amount, and budget type (payable/receivable).
- Configure any external references or tags for easy searching and reporting.
3. Configure payment schedules
- Set up payment schedules based on the contract’s start and end dates.
- Define recurrence options, such as weekly or monthly intervals, and specify the scheduled day for payments.
- You can also enter an initial scheduled amount for the first payment if necessary.
4. Generate scheduled transactions
- Once the schedule is configured, you can generate all transaction records based on the payment schedule.
- The system will automatically calculate and create transaction records with the correct dates and amounts, linked to the contract budget.
5. Track contract transactions
- View all associated transaction records in the Transactions tab.
- If the contract has multiple budgets, you can track each budget’s associated transactions.
6. Link transactions to milestones
- Navigate to a contract transaction record and link it to a specific milestone.
- Ensure that milestone objectives are completed and approved before releasing funds, providing better control over the payment process.
Klevr Contracts enables you to streamline budget management, payment scheduling, and transaction tracking.
By properly setting up financials within the Klevr Contracts application, you can streamline budget management, payment scheduling, and transaction tracking, ensuring accurate financial oversight throughout your contract lifecycle.
For further assistance, contact us or request a personalised demo.