A Contract record contains the financial details that a contact has with you. It includes the payment details such as how much, how many payments, and payment start and end dates.
Contracts can be entered with different terms each time, or you can select pre-made templates to automatically enter commonly used information or options to speed up the contract entry to just a few clicks. See: Create Contract Templates
For step by step guide on how to create a contract click here.
Contracts can be linked to an account or Contact.
Contracts can be backdated for entering existing agreements.
If the Billing application is installed you can create a transaction and invoices from the contract, and record payments and payment details and run reports about income, overdue payments, etc. detail the payments made and owing for the contract.
If you are using the Billing service to process payments, you can automatically or manually process credit card and EFT payments on invoices.
If the Mail Merge application is installed, the Mail Merge button on the contract will allow you to produce a hard copy version of the contract for the student to sign based on your contract document. It can fill in the contract details for you instead of having you or the student fill them in on a blank hard copy contract.
If the Store application is installed, you will see the Go to Store button. Clicking this allows you to create a transaction and invoices based on the information in the contract. You can accept any immediate payments right away. This simplifies your billing and creates invoices and payment records. The other benefit is your reports will be more advanced and meaningful to your business. We recommend creating transactions using the Go to Store button for this reason.
Who is the contract with, start and end times and dates, name, type, and status of the contract.
Limited contracts have an expiration date.
Ongoing contracts do not. For Ongoing contracts you need to specify the amount per payment as the Total.
Enter the payment information for the contract.
Amount is the total value of the contract (no taxes).
Pay Now is the down payment, or the amount that must be paid up front.
Deferred Payment is simply the Down Payment minus Pay Now.
Specify the payment schedule and number of payments in the Payment Terms section, below.
Amount is the amount of each payment due (whether monthly, weekly, etc.)
Pay Now is any amount that is due immediately or up front.
Set the payment schedule for any invoices.
Payment Pattern: Choose from Weekly, Bi-Weekly, Monthly, and other options.
Payment Start Date: Select a start date for the first payment. Remaining payments will be calculated based on this date, and due on this date.
Number of Payments (Limited only): Enter appropriate number of payments for this contract. This will be used to calculate each payment amount. This field is disabled for ongoing contracts
Each Payment: Displays the payment amount for each invoice in the contract. For ongoing contracts this field is equal to the Amount plus taxes (if applicable), and is the value of each payment owing.
If a Contract is created where the first payment date is in the past, invoice and payment records will be created for any payments due in the past. They will be marked as paid and completed. They will not be processed by the Billing Service. They will also show as having been processed externally (not processed by the Billing Service).
Go to Store button will navigate you to the Store in order to process the payment and create invoices.
The store allows you to process all Pay Now & Later transactions conveniently. The amount and terms of contract can not be modified at the store level.
If the PerfectMind Billing Service is used, you can create and process the invoices by credit card or EFT through PerfectMind itself.
If you create a transaction on a contract (whether you are using the Billing Service or not), you must terminate the transaction in order to cancel the contract. The contract status will change automatically when this happens. The status of any memberships based on the contract will not be changed, and may have to be changed or made inactive manually.
How to Create a Contract and Navigate to Store