To revise a lease, rental, or warranty contract, use the Revise Contract action. The status of the current revision must be Approved (APPR).
The revision number of a new contract is 0. Each subsequent revision is assigned the next higher number. The new revision contains the same lines, terms and conditions, associated service level agreements, commodities, and authorized sites as the current revision.
The current revision does not change. You can create transactions on the current revision until you approve the new revision.
The initial status of a new revision is Pending Revision (PNDREV). After you update the revision, you can change its status from PNDREV to Waiting on Approval (WAPPR) or APPR.
In most cases, when you change the status to APPR, the status of the previous revision and its line items changes to REVISD. However, if the start date of the new revision is in the future, the status of the new revision changes to Waiting to Start (WSTART) and the status of the previous revision remains APPR. On the start date of the new revision, its status changes to APPR and the status of the previous revision changes to REVISD.
After you approve the new revision, invoices and schedules are updated with the new revision number.
You cannot edit, reopen, or create new orders on the previous revision after its status changes to REVISD. If any service level agreements are associated with the previous revision, you must associate them with the new revision.
You can process receipts and invoices on a revision that has a status of REVISD, but you cannot create additional revisions of that contract. You also cannot create a revision of an approved contract with a revision whose status is PNDREV.
Transactions that are in process on the previous revision are posted to the previous revision. Costs are accumulated on the revision for which the transaction was originally created. Costs are also posted to the latest revision number, so that the total committed costs on the most current version are accurate.
The View Revision History action identifies line items that were added or changed in the most recent version of a contract.
Example 1
Contract 333, revision 0, requires an extension. The new end date is
six months later than the original end date.
Contract Number |
Revision Number |
Status |
333 |
0 |
APPR |
Use the Revise Contract action
to create contract 333, revision 1, with status PNDREV. The status of
contract 333, revision 0 remains APPR and revision 0 is available for
use.
Contract Number |
Revision Number |
Status |
333 |
0 |
APPR |
333 |
1 |
PNDREV |
Edit the end date of revision 1 and change the status of revision 1 to
APPR. The status of revision 0 changes to REVISD and revision 0 is no
longer available for use.
Contract Number |
Revision Number |
Status |
333 |
0 |
REVISD |
333 |
1 |
APPR |
Example 2
Contract 333, revision 0, must be modified for the next quarter. The
start and end dates must be adjusted to reflect this change.
Contract Number |
Revision Number |
Status |
333 |
0 |
APPR |
Use the Revise Contract action
to create contract 333, revision 1, with status PNDREV. The status of
contract revision 0 remains APPR and revision 0 is available for use.
Contract Number |
Revision Status |
Number |
333 |
0 |
APPR |
333 |
1 |
PNDREV |
Edit the dates of revision 1 to indicate the next quarter and adjust the
line level information accordingly. Change the status of revision 1 to
APPR. Because revision 1 is not due to start until the beginning of the
next quarter, the status changes to WSTART instead of APPR. The status
of revision 0 remains APPR and revision 0 remains available for use.
Contract Number |
Revision Number |
Status |
333 |
0 |
APPR |
333 |
1 |
WSTART |
On the start date for revision 1, the status of revision 1 changes to APPR
and the status of revision 0 changes to REVISD.
Contract Number |
Revision Number |
Status |
333 |
0 |
REVISD |
333 |
1 |
APPR |