Overview

Contract is a type of financial records representing a sales agreement between two parties that creates an obligation to perform a particular transaction.

Contract is similar to invoice in that they both represent a right to payment. They are different in that the payment for the contract amount is conditional on something other that the passage of time, while the payment for invoice amount is unconditional. Commonly speaking, one or more invoices will be issued to bill customers when the conditions of the contracts are met.

Create a Contract

The following fields are required :

• objectType: type of financial record. For Contract, the value is "contract".
• id: unique identifier of this record. This is external id received by Leapfin.
• amount: total amount of the contract.
• currencyCode: 3-digit ISO code of totalAmount and subtotalAmount fields, e.g. “USD”, "GBP", etc. This is the primary currency of this record
• status: current status of the contract. Acceptable values are:
  • "Draft" - the contract is either being created or waiting to be signed by the customer.
  • "Signed" - the contract is approved/signed by all parties.
  • "Terminated" - the contract is cancelled either before or after the customer has signed it.
• date: the date-time of when this contract is created in order system.

The following fields are optional, but are commonly needed for creating journal entries:

• description: a general description about the contract.
• startDate: the start date-time of the effective period of the contract. Start date is inclusive.
• endDate: the end date-time of the effective period of the contract. End date is inclusive.
• signedDate: the date-time when this contract is signed / approved by all parties.
• terminatedDate: the date-time when the contract is terminated or cancelled
• exchangeRates: a list of exchange rates used to calculate currency conversions
  • currencyCode: 3-digit ISO code, e.g. “USD”, "GBP", etc. This is the target currency of this record
  • rate: conversion rate from primary currency to target currency. i.e. amount in primary currency * rate = converted amount in target currency.
• links: directional relationships pointing from this record to other financial records. Contact often expects one or more Invoice records linking to it.
  • objectType: type of the target financial record
  • id: unique identifier of the target financial record
• customFields: additional fields (i.e. key-value pairs) related to this record

Sample Data

{
    "objectType": "contract",
    "id": "contract_001",
    "amount": 14930.99,
    "currencyCode": "USD",
    "status": "Signed",
    "description": "a sample contract",
    "date": "2021-01-16T11:28:31",
    "startDate": "2021-01-10T00:00:00",
    "endDate": "2025-01-19T00:00:00",
    "signedDate": "2021-01-17T00:00:00",
    "terminatedDate": null,
    "exchangeRates": [
      {
        "currencyCode": "EUR",
        "rate": 0.84
      }
    ],
    "links": [],
    "customFields": {
      "field1": "value1"
    }
}

Query a Contract

Contract records are stored in VW_FT_CONTRACT table. It can be accessed via Snowflake Data Sharing and Access.