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If you define an agreement type and limit revenue, any project funded by that agreement type stops accruing revenue and generating invoices when it reaches the revenue limit. If you define an agreement type and do not limit revenue, any project funded by that agreement type issues a warning when the revenue limit is exceeded, but does not stop accruing revenue or generating invoices. This is referred to as a hard limit or a soft limit.
Fremont Corporation enforces revenue limits on purchase orders and change orders, since these types of agreements always cover specific work. The retainer letter and service agreement types are defined with a disabled Revenue Limit option, since the exact amount of these kinds of agreements is usually not known immediately. The terms default for all agreements is net payment within 30 days of receiving the invoice. | |||
Name | Description | Terms Default | Revenue Limit Default |
Purchase Order | Customer Purchase Order | 30 Net | Enabled |
Change Order | Change to a Purchase Order | 30 Net | Enabled |
Retainer Letter | Retainer Letter | 30 Net | Disabled |
Service Agreement | Service Agreement | 30 Net | Disabled |
Verbal Agreement | Non-Written Agreement | 30 Net | Disabled |
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