Contracts

Service Description

The Contracts module supports contractual relationships that exist between agencies and revenue generating sources. These sources could be federal sponsors, private sector organizations or individuals. Contracts can be setup to meet various revenue generating scenarios including cost reimbursement, periodic invoicing and recurring billing. Contracts allow agencies to separate customer billing and related revenue recognition events in a single contract. Integration with Project Costing and Billing allows Contracts to collect project related costs and issue invoices for reimbursement. Cash activity in Accounts Receivable is reflected in Contracts to show cash position and estimated revenue for each contract.

Customer Benefits

• Create various types of Contracts to support cost reimbursement billing, dynamic billing or fixed billing
• Separate customer billing events from recognition of revenue
• Integrate with the Project Costing module to accommodate dynamic Project Billing
• Integrate with the Billing module to generate invoices that are finalized, printed and sent to Accounts Receivable for cash application
• Establish billing limits to manage contract billing with customers
• Create billing from milestones, dates or user defined criteria
• Track Letter of Credit information for grant related contracts
• Contractual reporting including revenue projections, remaining billing and contractual

Customer Market

This service is available for all Oklahoma state agencies, offices, officers, bureaus, boards, commissions, counsels, units, divisions, bodies, authorities, or institutions of the executive, legislative, or judicial branches of state government.   It is also available to counties, municipalities, townships, Tribal governments, and other political subdivisions.   

Customer Responsibilities

• Document types of agency invoicing, sources of invoicing and related reporting requirements
• Work with CORE team to configure Grants Management to meet agency requirements
• Engage in module testing including unit, integration and user acceptance testing
• Research and document agency business process related to project administration and support
• Keep transactional information up-to-date
• Attend required training to access the system and train your agency users as needed

How Do We Charge?

There is no additional charge for the actual use of the Contracts module. Agencies with the desire to implement the use of this module will most likely find that they will want consulting assistance to assist them with adapting their current processes to the statewide use of the system. If consulting assistance is necessary, the Office of State Finance (OSF) will assist in finding the best available resource. OSF will also contract with the consultant and bill the agency through an interagency agreement for the consulting services.