Adding a New Contract - Quick Method

Overview

Use this job aid to add a new contract using the quick method. You will want to review the Setup Contract Quick Entry prior to this job aid.

To add a new contract:

1. From the Toolbar, click GRN for Commodity Management.

2. From the Commodity menu, select Contracts, and then select Contract Maintenance.

   Open

   

3. Select Add New Contracts.

   Open

   

4. In the Location Code box, click Lookup or type * and press Enter, and then select the accounting location, or type the accounting location .

5. In the Purchases/Sales box, click Lookup or type * and press Enter, and then select P for purchase, S for Sales, T for Purchase Template, or U for Sales Template.

6. You are still able to select a default contract. Note: Select the default button now located in the bottom of the screen, click Lookup or type * and press Enter or type in the default contract number. You can select a default contract number by selecting the default button. Use the look up or type in the default contract number. 

7. To continue entering the contract click OK.

8. In the Contract Type box, click Lookup or type * and press Enter. Then select the contract type from the list provided or type the contract type in the field.

9. In the Commodity Code box, click Lookup or type * and press Enter, and then select a commodity or type the commodity for the contract .

10. In the Contract Name Id box, click Lookup or type * and press Enter, and then select the name id of the customer who the contract is issued to, or type the name id of the customer who the contract is issued to.

11. In the Contract Date box, the current position date displays. This date is for reporting purposes and can be changed.

12. In the Quantity Base box, click Lookup or type * and press Enter. Select the quantity basis or type the quantity basis for this contract.

13. The Contract Status box displays A for Active. Click Lookup or type * and press Enter if you wish to change the contract status. Contracts entered using any of the Pending status codes will not appear on the Hedge Position Report. Also, applications cannot be made to contracts with any of the Pending status codes.

14.  Click OK.

15. Using the Contract Type Setup options you are able to move required fields to the first screen. Using this options allows you to quickly enter a contract without moving through each screen. To setup these options, remain in the commodities package and go to Setup and then Contract Types. The options are setup by selecting the contract type and then available fields. By changing the options on a field to a 4, 5, or 6 it moves that field to the main contract entry screen. For more detail on this option, please see the section on Setup Contract Quick Entry

16. I am now able to enter the fields that I selected above, which include scheduled bushels, freight, scheduled price, futures price, delivery date, due date, application name ID, basis price, and remarks #1 and #2 on the main contract entry screen.

17. I now have all of the information on this contract. All of the fields that I haven't added to the main screen will default with the required information. At any time before the Save/Exit, you can go to the Delivery, Pricing, Main or Remarks screen to add additional information that you do did not enter in the Quick Entry screen. I am now able to select Save/Exit this contract.

    2. Note: The “Ordered” column represents orders from the Inventory (INV) module against the Commodity Contract in INV and reflects deliveries/receipts against them in the INV module.

18. It defaults the next contract number. You are able to change the contract number if necessary, and if you have security to do so.

19. Click OK.

20. This takes you back to the enter new contracts screen and you are able to continue entering new contract.

Learn more about Contracts feature: