Creating a contract in Tensoft Revenue Lens is designed to be flexible, depending on how many contracts you’re working with and how you prefer to enter data. Broadly, there are three ways to create a contract, and each approach serves a different use case.
Let’s walk through how contract creation works, starting with the most direct method.
Creating a Contract Directly in the Application
One way to create a contract is directly on the screen. This is typically the most efficient option when you’re setting up a single contract.
You begin by creating a new contract and saving the header. From there, you can define the period of performance. You also have the ability to add contacts, either from the customer or from within your company. Adding contacts helps support communication and information sharing related to the contract.
At this stage, you can also attach files. These might include draft PDFs, approval documents, or any other files you want associated with the contract.
Adding Contract Lines and Performance Obligations
Once the header is complete, the next step is adding performance obligations or contract lines. In the demo, we added subscription billing. The contract was a three-year agreement, so three annual billings were set up. Depending on your needs, Revenue Lens supports monthly, quarterly, or annual billing options.
Publishing the Contract
After the contract lines are configured and you’re ready to move forward, the contract must be published.
This step is important because no changes take effect until the contract is published. While a contract is in edit mode, it is locked so that no other users can make changes at the same time. Publishing makes the contract visible and active for the rest of the system.
Once published, you can review what has already been invoiced or what is planned to be billed. This makes it easy to confirm that billing aligns with expectations over the full life of the contract.
Creating Contracts in Bulk: Spreadsheet or API
While creating a contract directly in the application works well for one-off contracts, other methods are often more efficient when you’re creating several contracts.
Spreadsheet Upload
One option is using a spreadsheet template. You download the template, add the contract header information and contract lines, and then upload it into Revenue Lens.
If any issues are detected such as a duplicate contract number, invalid customer, or invalid item, the contract will be routed to a workbench. From there, you can troubleshoot the errors, make corrections, and then publish the contract once everything is resolved.
API-Based Contract Creation
The third option is creating contracts through an API. As with spreadsheet uploads, any contracts created via the API are validated, and if errors occur, they are sent to the workbench for review and correction. Once resolved, those contracts can also be published.
Choosing the Right Contract Creation Method
To summarize:
- Direct entry is usually the most efficient approach when creating a single contract.
- Spreadsheet uploads or API integrations are better suited for scenarios where you’re creating multiple contracts at once.
All methods ultimately rely on validating the data and publishing the contract, so it becomes active in Tensoft Revenue Lens.
To learn more about Tensoft Revenue Lens, contact us today.