Definition:
  • Contracts: define the payment terms, negotiation patterns, workflow, and expected service level.
  • Archived Contract: a contract that may or may not have new quotes associated to them. It is a contract that is no longer active. Customer Account Status marked “active.” All contracts associated with this account is marked “expired”.
  • Contract ID: the Contract ID number associated to that customer.
  • Total Amount of Contract: the sum of the purchase price of the contract at the time it was sold.
  • Monthly Revenue Recognition Amount: the amount of revenue that can be recognized monthly based on deferred revenue accounting principles.
  • Deferred Revenue: exists in annual membership, services, or subscriptions. Deferred revenue occur when money has been received (annual charge), but goods and services have not been provided. Deferred revenue is usually recognized after that the goods or services have been provided.
  • Service Plan: a contract to customers who purchase a service or product for an additional fee. It is a plan to provide a customer with a certain level of services.
  • Months of Service: the sum of months or duration in which a service is being provided.
  • Contract Start Date: the date of when the customer signed the contract or when a confirmation was sent out to a customer. The contract start date is the first day the agreed service plan starts.
  • Contract End Date: the last date that a service plan is active. After this date, the contract will no longer exist.
  • Expired Contract: a contract has been sent to a customer, but no action was taken by the customer. The contract is no longer valid.
  • Ending Contract: a contract that will expire within 30 days.
  • Active Contract: a contract that has been signed by the customer.
  • Saved Contract: a contract that has been created and saved. These contracts have not been sent to the customer for signature or approval .
  • Rejected Contract: a contract that have been rejected by the customer.
  • Inactive Contract: a contract that have been terminated or when an active contract has passed, its end date.