16 Nov Creating New Contracts from SOP in Dynamics GP
Dynamics GP includes some nice field service functionality. One module that I see used most often is the Contract Administration module.
This module allows you to set up contracts for your customers, assign specific pieces of equipment to the contracts, and invoice contracts on a regular basis. It also includes functionality to recognize revenue on a monthly basis for contracts that bill on a quarterly or annual basis. This keeps revenue recognition easy to control and automatically creates the appropriate journal entries.
If you had to key in all this information manually, it would take a fair amount of time just to set up a contract. Fortunately there is a nice integration with the Sales Order Processing module that can automatically create a new contract based on the information in a sales order. It allows you to select the appropriate contract type and other attributes about the new contract.
Once you transfer the sales order to an invoice and post the invoice, a new contract will be created that includes the customer information and the specifics of the equipment items included on the contract. The future billing and revenue recognition entries are automatically created and scheduled.
This video shows how this all works: