Close Sub Contract

Explanation

This activity is used to close a sub contract.

Once all financial transactions are completed on a sub contract, the sub contract can be Closed.

As a rule, the contract cannot be closed if there are any certified values that are not fully invoiced and fully paid. This means that even though all the unused committed costs have been balanced, the sub contract cannot be closed if there are remaining retentions and values to be certified, invoiced and paid.

Since the current solution does not support automatic reconciliation, balancing of remaining retentions that need to be released or reversed, and any remaining values to be invoiced and paid, you need to do the reconciliation and balancing manually. This means that remaining retentions can be released by creating a standard valuation, and if a remaining retention that is to be reversed exists an M voucher should be created manually. Also, the total amount to pay can be reduced by creating a standard valuation.

Once the sub contract is closed, it will not be possible to perform any financial transaction or create new valuations against the contract.

Prerequisites

• The sub contract must be in the Completed status.
• All financial transactions on the sub contract must have been completed.
• All created valuations must be in status Fully Invoiced - Fully Paid, Cancelled or Archived.

System Effects

• The status of the sub contract is set to Closed.

Window

Sub Contract
Sub Contracts

Related Window Descriptions

Close Sub Contract
Sub Contract
Sub Contracts

Procedure

1. Open the Sub Contract window or the Sub Contracts window.
2. Query (F3) for the necessary sub contract.
3. Right-click anywhere in the header, point to Status, and then click Close. The Close Sub Contract dialog box opens.
4. Click OK.