ctcLink Reference Center

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9.2 Activating a Fixed Price Contract

Purpose: Use this document as a reference for activating a fixed price contract in ctcLink.

Audience: Finance/Grant Fiscal Staff.

You must have at least one of these local college managed security roles:

ZC Contracts Processing
ZZ Contract Maintenance
ZZ Contract Processing

If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.

Navigation: NavBar > Navigator > Customer Contracts > Create and Amend > General Information

Activating a Fixed Price Contract

Select the Find an Existing Value tab on the General Information page.
Enter or select the appropriate business unit in the Business Unit field.
Enter or select the contract number (same as the award number) in the Contract field.
Select Search.

Select the Lines tab.
Under the Lines tab, use the General tab to verify the following contract details.
Make sure the Product is correct for the type of contract.
Make sure the Start Date and End Date on the contract line match the awarded period.
Select the Detail tab.

Use the Detail tab to verify the following contract details.
Make sure the Billing Plan is set to Pending and the Revenue Plan is set to Billing Manages Revenue.
Select the Pending link under the Billing Plan. The Define Billing Plan page will display.

On the Billing Plan General tab, review the Customer Information, Billing Options, and the Billing Default Overrides for any data that needs to be updated.

IMPORTANT: The Pre Approved and Direct Invoice checkboxes are NOT selected for fixed price contracts.

Note: The Billing Status is set to Pending and the Ready at Activation field has a checkmark in it. This will allow the bill plan to become activated when the contract is set to Active.

Select Save.
Select the Events tab.

Use the Events tab to enter the date for the first invoice.
Select the Amount radio button in the Define Events section.
Select the Add multiple new rows (+) button.
On the Enter number of rows to add message box, enter the number of rows to add, i.e. invoice event dates for the contract.
Select OK.

Note: The original Event line 1 is locked and unchangeable. Only the newly added Event lines with an Event Status of Pending will be editable.

In the Event Date field, enter or select the date for each invoice.
For each line, enter an Amount. Lines must add up to the total amount owed by the Sponsor.
When all lines are complete, use the Event Status drop-down menu to change the status from Pending to Ready.

Note: This action makes the two events ready for invoicing on the event date set in the system.

Select Save.
Select the Return to General Information link.

On the General Information page, select the Lines tab and then select the Details tab.
Select the Contract Terms link. The Contract Terms page will display.

On the Related Projects tab, verify the following contract terms and Product is FIXED_PRICE.
Ensure that all Associated Projects for this contract are listed on this page.
Ensure that the Activity is correct for the Project.
Ensure the Billing Event Total Amount matches the Award amount of the Grant (see step 25).
Click the Return to General Information link.

On the Lines tab, select the Detail tab.
Select the Distribution link under Accounting for the line. The Accounting Distribution page will display.

The next several steps are to add the revenue account code to the contract for reporting purposes.
Use the Accounting Distribution page to complete the contract accounting details.
If necessary, change the Effective Date to the first day of the activation of the award or the award start date.
In the Define Distributions By section, select the Amount radio button.
In the Revenue Forecast section, enter or select the GL business unit for this account in the GL Unit field.
In the Revenue Forecast section, enter or select the revenue account in the Account field.
In the Revenue Forecast section, enter or select the revenue department in the Dept field.
In the Unbilled AR section, complete the required ChartField entries for the contract, i.e. Oper Unit, Account, Fund, Dept, Class, State Purpose, and Project.
Select Save. A message indicating that the UAR Accounting Distribution has been changed will display.