Transaction Billing Processor Statuses

Here are the contract statuses:

Term	Definition
Active	A contract is created in Active status if the associated billing and revenue plans are in Ready status and no errors exist for the associated transaction in PeopleSoft CRM or PeopleSoft Lease Administration. The contract can now accept transactions from PeopleSoft CRM and PeopleSoft Lease Administration. Note: PeopleSoft CRM and PeopleSoft Lease Administration initiate the transaction that sets the contract to Active status by sending a message to the PeopleSoft Transaction Billing Processor.
Closed	A contract can be set to Closed status when the agreement and agreement lines associated with the contract are in Closed status (all transactions associated with the agreement have been sent to PeopleSoft Billing and PeopleSoft General Ledger). When you attempt to set a contract to Closed status, the system checks to ensure the revenue and billing plans associated with the contract are complete. You initiate the closure of a contract from the PeopleSoft Transaction Billing Processor. You have the option of closing a contract when all associated transactions have been billed and have had their revenue recognized. Closing a contract is a manual process. The agreement becomes read-only when the status is set to Closed for the contract and agreement. Note: A contract can no longer accept transactions from PeopleSoft CRM once it has been closed. Note: An on-demand contract never reaches Closed status, because you cannot access it from the PeopleSoft Transaction Billing Processor.