In addition to comparing agreements to the budget for tracking buyout and anticipated budget, customers on the Premium tier are now able to track costs to specific agreements. This article walks through how to seamlessly track all invoices and pay applications against contracts and executed change orders so that you can confirm invoices are within contract, and understand how much is remaining in contract and in budget.
First add an agreement into Rabbet with applicable line items and input 'Contract Number'. Rabbet will automatically create a 'Contract Name' from the information gathered. The 'Contract Name' can be edited to the users preference.
After successfully adding an agreement into Rabbet you are now ready to attach an invoice or 'Cost to Agreements'.
There are 2 new alerts displayed on invoices. These alert you that the 'invoice amount is not fully allocated to an agreement' and 'line items may not be attached to an agreement' if an agreement is not preset for a vendor. These alerts Do Not prevent saving an invoice.
Assigning Invoice To Agreement
To attach the invoice to the agreement, open the invoice and navigate to the 'Agreements' section. Input the amount of the invoice associated with the agreement. Displayed is the 'Amount Available', 'This Invoice', and 'Amount Remaining' on the agreement. Rabbet will not allow allocation of amounts greater than agreement amount available.
Tracking Agreement Spent to Date
Once an invoice has been associated with an agreement it will be displayed on the invoice and in the agreement under 'Invoices'. The remaining total of the agreement is displayed under 'Total Remaining'
Tracking Anticipated Costs
In addition to tracking cost to agreements you can now track anticipated cost. There are 2 options depending on how you would like to calculate the anticipated cost, Anticipated Costs and Anticipated Budget. The 'Anticipated Costs' column shows the calculation 'Committed + PCOs & Exposures + Out of Contract' and the 'Anticipated Budget' column shows the calculation '(Greater of [Current Budget] or [Committed Costs]) + PCOs & Exposures + Out of Contract'. To add the 'Anticipated (Legacy)' column or 'Anticipated' column to your reports use the 'Table Action' button.
For more information on how to create and manage agreements, refer to the following article:
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