Set up the Contracts application

The following table lists the tasks to be completed when setting up your Contracts application. Many of these tasks will most likely be performed by an administrator or implementer. Some tasks are only applicable if you’ll be using a particular subscription, such as Contract Billing. Required tasks are indicated with an X in the applicable subscription column. You can perform Optional tasks as needed.

TaskDescriptionContract Billing (Core or Usage)Contract Standard Revenue RecognitionContract Advanced
Revenue Recognition
Create user-defined booksCreate one for each set of journals you’ll use. Your company may choose to use one or two sets of journals to record revenue and expenses. XX
Create revenue journals and expense journals.

Create one revenue journal and one expense journal to record amounts for each user-defined book you’re using. Learn more about creating user-defined journals.

 XX
Create GL accounts.

Create or identify the GL accounts to use to post revenue, expense, and/or billing as outlined for each subscription. Learn more about creating Contracts GL accounts.

  • AR Billed
  • Sales Billed
  • Sales Paid
  • AR Unbilled
  • AR Billed
  • Deferred Revenue Unbilled
  • Deferred Revenue Billed
  • Deferred Revenue Paid
  • Sales Unbilled
  • Sales Billed
  • Sales Paid
  • Deferred Expense
  • Recognized Expense
  • Expense Accrual
  • AR Unbilled
  • AR Billed
  • Deferred Revenue Unbilled
  • Deferred Revenue Billed
  • Deferred Revenue Paid
  • Sales Unbilled
  • Sales Billed
  • Sales Paid
  • Deferred Expense
  • Recognized Expense
  • Expense Accrual
Create Item GL groups and assign them to the applicable items.Use item GL groups to post contract amounts to specific GL groups. For example, Contracts will use the Item GL group name when mapped in the Configure Contracts - Posting configuration section. Intacct does not use the Deferred Revenue account or Revenue template assignment from the item GL group. Learn more about creating item GL groups.OptionalOptionalOptional
Create at least one invoice transaction definition.

See Contracts transaction definition requirements for detailed specifications.

X  
Configure GL and Order Entry.
  • In GL and Order Entry, specify multi-currency and/or dimension settings that will be inherited by Contracts.
  • In Order Entry, set Default decimal places to 10.
  • If you want to use automatic price proration, configure Order Entry to enable Start and end dates for items.
  • If you want to use multiple ship to contacts, configure Order Entry to Enable ship-to contact at the line level.
Learn more about how to configure GL and Order Entry for Contracts.
XSettings Optional; Order Entry subscription is required.Settings Optional; Order Entry subscription is required.
Configure Contracts.Specify your company's preferences for Contracts, such as default journals and GL accounts. Learn more about Configure Contracts.XXX
Configure Revenue Management.Specify the applicable Revenue recognition setting in the Configure Revenue Management page. Learn more about Configure Revenue Management. Standard revenue recognition and Standard expense recognitionAdvanced revenue recognition and Standard expense recognition
Create renewal templates.Create at least one renewal template that defines what Intacct should do when a contract reaches its end date. Learn more about creating renewal templates.X  
Create a contract compliance checklist.Create a checklist of tasks to use for contract review that will appear in every contract. Learn more about creating a contract compliance checklist.OptionalOptionalOptional
Create at least one revenue template.Revenue templates define the revenue amortization schedule for contract lines. You can create multiple revenue templates, use different templates for different journals, and so on. Learn more about creating revenue templates. XX
Create at least one expense templateExpense templates define the expense amortization schedule for contract and contract line expenses. You can create multiple expense templates, use different templates for different journals, and so on. Learn more about creating expense templates. XX
Create at least one MEA price list.An MEA price list contains the standalone selling prices for items sold in multiple-element arrangements. Learn more about creating an MEA price list.  X
Create at least one billing template.A billing template defines the schedule to invoice a flat/fixed amount for a contract line over the contract term. You can use them to create non-linear billing schedules. Learn more about creating billing templates.X  
Create at least one billing price listBilling price lists contain entries for items whose prices are determined based on a fixed fee, the quantity used, or the contracted quantity. Learn more about creating a billing price list.Required for Contract Usage Billing only  
Create at least one evergreen templateAn evergreen template defines a set of actions Sage Intacct will perform when a recurring billing period on an evergreen contract line ends. Evergreen templates are required if you configure Contracts to use evergreen contracts. Learn more about creating evergreen templates.Required for evergreen contracts only  
Update itemsEdit items to set contract defaults, enable prorated pricing, or include items in MRR calculations. Learn more about setting up items for Contracts.OptionalOptionalOptional
Create contract typesUse contract types to categorize contracts and use them to filter reports, batch invoices, and so on.OptionalOptionalOptional
Create reports.Use the Contracts custom report packages as a starting point for your custom reports. Learn more about creating custom reports.OptionalOptionalOptional
Create document templatesCreate a custom template to use for printed contract invoices. Learn more about creating document templates.Optional  
Customize the contract line gridCustomize the contract line grid layout to only display columns that are relevant to your company.OptionalOptionalOptional
Set up scheduled invoicingUse invoice policies to automatically initiate contract invoice runs on a set schedule.Optional