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

System Effects