Other Uses For Price Contracts [Quick Tip]

Did you know there are other times to use Price Contract other than just establishing the price of an unpriced contract? It’s a great tool to use when you need 1 or more schedules added to a contract.

Example #1: Contract is written for 5000 bu for Customer #1. He starts delivering grain & tells you the tickets are to be split 50/50 with Customer #2, but all applied to same contract. You can actually create a 2^nd schedule & split the contract into 2 schedules & 2 separate name id’s before you start applying. Then you don’t end up with multiple schedules for each time you apply Customer #2 to that contract.

Steps:

Go into Contracts, select Price Contracts > enter the contract #, & P or S, & the contract location.
Next screen for Bushels to Price it will prefill in 5000 (scheduled contract amount), but you can change it to 2500 > select OK
The Application Name Id field will open & you can change that to Customer #2.
When applying the tickets the 1^st half of the ticket can go to schedule 01 for Customer #1 & the 2^nd half of the split will then come up showing there is an open contract for Customer #2 & you apply the 2^nd half of the ticket to schedule 2.

Example #2. Contract is written for any bushel amount. Customer delivers what he can on the contract, but runs out of grain. You agree to honor the contract, but you want to roll the remaining balance to Sept/Oct (or any forward month) delivery. You can use Price Contracts to move the remaining quantity to a new schedule to allow you to change the shipment date of the remaining quantity.

Steps:

Go into Contracts > select Price Contracts > enter the contract #, & P or S, & the contract location.
Next screen for Bushels to Price will prefill in whatever was the remaining quantity, if all of the applied quantity has been settled. If there’s a portion that has been applied & not settled if will prefill in the scheduled amount & have a separate box with the applied amount. You can change the scheduled amount to be the remaining quantity (or the quantity you want to move to a different delivery period) & blank out the Applied quantity.
The next screen opens to allow you to change the delivery & due dates. Save changes.
Now you have schedule 1 showing filled & schedule 2 moves the remaining quantity to the correct delivery period.

5. Change the bottom of the screen to this:

6. Contract now looks like this:

Example #3. Have the need to change the price on remaining bushels after some bushels have been applied. Similar to Example #2 but it’s the price you want different on just the remaining quantity.

Steps.

Follow the same steps as Example #2. After setting the Bushels To Price, enter until you get to the Pricing page. There you can change the price as needed.

This will put the remaining quantity onto the next available schedule with the new price, and the amount applied on the original schedule is not affected & will be settled for the original price, if not already settled.

Example #4. Have a contract for specific bushels & price. Contract gets applied to, but hasn’t been settled, or a portion hasn’t been settled. For whatever reason you have agreed to pay a different price on a portion of the applied bushels. Again, you can use Price Contracts to move that portion of applied bushels to a new schedule where you can make the price be different than the original schedule.

Steps:

Go into Contracts > select Price Contracts > enter the contract #, & P or S, & the contract location.
Bushels to Price enter the amount you want to be at a different price. Then in the Applied box enter the same amount of bushels. That tells the system to create another schedule & to move the needed tickets that are applied to that schedule.
Proceed to the Pricing screen & change your price as needed.
Upon saving, a pop up box will ask if you want to “Update Deferred Date on Delivery Sheet” answer Yes. The delivery sheet will show these bushels at the new price.
When you 1^st go into Price Contracts you will see this:

6. Change the Scheduled & Applied to the amount of Applied bushels you want to be a different price:

7. Change the price as needed:

8. Contract now looks like this:

These examples are just some of the ways you can edit/fix contracts to accomplish some requests that may come up, that you might think editing the contact & inserting schedules might be the only way to handle. But by using Price Contracts you can optimize the system with fewer key strokes & sometimes less chance for errors, and it ensures that applications get moved to the correct schedule when necessary.