Create a Contract template (from PSOhub Settings)

What is a Contract Template and how do I create one?

Contracts in PSOhub also serves as the structure for booking time and expenses as well as performing invoicing. Templates are simply pre-defined contract structures that you can leverage when creating a project(s). They consist of groups and contract lines.

Important: A contract in PSOhub is the financial agreement that has been signed off between your customer and your organization. The financials can come from an offer, proposal, or statement of work (SOW), highlighting line by line what has been offered, the costs and payment terms.

A contract template will save you time when building the same type of projects for customers using the same contract layout. By creating a template, you can insert it into as many projects using the same contract layout and billing types.

To create a contract template, the Admin user should go to the main menu, and click the Gear icon:

Next, in the left-hand menu, select Templates > Contract Templates:

Out of the box, PSOhub offers a list of standard contract templates to choose from and modify according to your organization. But you can also create one from a "blank slate" by clicking Create:

The following dialog box appears:

As instructed, create a name for your contract template (e.g., Professional Training Courses), select the business unit that is the legal entity, department or team responsible for the contract, and the currency the contract will be managed in for specific customer projects. Then, click Save.

The newly created contract template appears:

Contracts are made of building blocks or groupings of products that have been sold to your customer. Within the building blocks or groupings are contract lines that define the product or service, its cost and billing type (Fixed fee, Time & Expenses (T&M), Expense, Retainer or Product).

To build out your contract, click the Add new line button, and the Contract line template dialog box appears:

To create the building blocks or groupings, click the Groups button.

 

Next, click the Add new group button:

Here, you can add as many building blocks or groupings as required to match the official quote, proposal or statement of work.

 

In the example below, we are creating two building blocks for a professional training program contract: Courses and Services:

To add a new group(s), click Add new group. To delete a group, click on the trash bin button.

 

When you have finished adding the groups, click Close to return to the Contract line template dialog box. Here, you will see the contract groups in the Group drop-down list:

Close the dialog box by clicking the X button to view the structure of your contract, as shown below. The contract groups will appear, and beneath each group, you can define the contract lines; the financial details of each line item.

To add a new line item, click Add new line or Add contract line.


From here, you can enter the name of your contract line. In this example, we are entering the line item Custom Content Design and adding it to the contract group 20 - Services.

The pre-defined values, such as the Description, billing Type, Amount and Budget (Sales) can be carried over to the project when you select the template. This is, however, not mandatory, and the related fields can be left empty:

• If the contract line is a Fixed fee, you can already specify a default Amount as well as a default Budget (Sales) and Budget (Costs). These fields can be overwritten at the Project level in either the Contract or Estimated Profitability views.
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  ​Note: Whenever you enter a value in the Amount field of a Fixed Fee, it is automatically copied over to the Budget (Sales) field.​

• If the contract line is T&M (Time & Material), you can already specify a default Budget (Sales) and Budget (Costs) amount, which can be overwritten at the Project level.

• If the contract line is an Expense, you can also specify a Budget (Sales) and Budget (Costs) amount at the Template level.

• Finally, it is possible to define a contract line as not active; this means that when you create a project and uncheck the Active box, the contract line will remain "not active" and will not be available for time/expense entry until you manually check it as Active.

• If the Display estimate on quote (budget) is selected, your internal estimate/budget for work to be carried out is visible in a customer quote.

• Note that each contract group may have a maximum of 100 contract lines. If you require more contract lines in your template, please create additional contract groups.

Click Save and repeat the steps for each contract line until your contract is complete:

If you are in the process of setting up your organization in PSOhub, your next step will be to complete the Invoice settings (even if you integrate PSOhub with your back-end financial solution).