Contract extension workflow in Financial

You can further automate the process of extending and cancelling contracts within your organisation using the Contract extension (Financial) (Profit) workflow supplied as default. Using this workflow you can monitor contracts in the organisation in InSite. You enter the steps for extending, terminating or modifying the contracts using InSite.

If you enter a End date and Notice period for a contract, Profit calculates the cancellation date of the contract. With an alert on Cancellation date, Profit alerts automatically that the contract is about to expire or will be extended tacitly. This enables you to cancel the contract on time. You can activate the Profit alert Financial/Contract extension (Profit) for this.

If you enter a End date and Notice period for a contract, Profit calculates the cancellation date of the contract. With an alert on Cancellation date, Profit alerts automatically that the contract is about to expire or will be extended tacitly. This enables you to cancel the contract on time. You can activate the Profit alert Financial/Contract extension (Profit) for this. This alert starts the workflow, so that you can immediately extend or terminate a contract.

In extending using the workflow, an obligation or obligations is/are generated automatically for the new contract period under the following conditions:

  • In the last year of the 'previous' contract, an obligation has been recorded for the contract.
  • During the term of the 'new' contract, no obligations have yet been recorded.

For this functionality you need to have configured the Contract extension workflow (Financial) in InSite and the Profit alert.

When terminating a contract, you do not automatically send a report, e-mail or document (termination letter). You have to submit a dossier item yourself for the contract, or automate it by including sending a message as a task in the workflow.

To use the Contract extension workflow for Financial in InSite:

  1. Open the site.
  2. Log on with the username and password.
  3. Click on: OK.
  4. Go to: Mijn taken or Mijn ingestuurde dossieritems.

    InSite may have been configured differently for you, in which case the description of the action deviates.

  5. Open the contract.

    You see the data of the contract:

  6. When you extend a contract, you have the following choice:
    • Click on the action: Extend (extend contract). Confirm your choice.

      Profit modifies the contract with a new start and end date and amount. The Generate obligations task is also performed for the year with the start date of the extension, if obligations are already present.

    • Click on the action: Terminate (terminate contract).

      Profit modifies the fields Terminated on and Terminated by in the contract, empties the fields of Extension and changes the status to Terminated.

The dossier item is no longer displayed in InSite. The task has been completed. This also completes the workflow.

Directly to

  1. Contract management in Financial
  2. Set up contract management in Financial
  3. Add a contract to Financial
  4. View and change a contract in Financial
  5. View a contract financially in InSite
  6. Link assets to a contract
  7. Maintain contracts per purchase contact/creditor
  8. Add a purchase order to a contract
  9. Terminate a contract in Financial
  10. Contract dossier in Financial
  11. Add a reservation
  12. Add an obligation
  13. Write off a purchase invoice from a reservation or obligation
  14. Contract extension workflow in Financial