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Setting up the environment for managing contracts

Asset Management Suite

Before you can create contracts in Asset Management Suite, you must set up the prerequisite configuration item types for contracts. The Quick Start - Contracts Web part displays the items that must be completed in the order shown, when you first begin managing contracts in Asset Management Suite.

See Managing contracts

Table: Process for setting up the environment for managing contracts

Step

Action

Description

Step 1

Configure accounting periods.

An accounting period represents a yearly range of dates that corresponds to a set of financial records or reports.

See Configuring accounting periods

Step 2

Create cost types.

A cost type specifies a type of expense and lets you logically group expenses. Cost type attributes affect depreciation values, group allocation, and other reporting areas. Asset Management Suite includes predefined cost types, but you can add custom cost types if you need to.

See Creating a cost type

Step 3

Create currencies.

The currency configuration item type lets you specify different currencies and their rates compared to the base currency.

See Creating a currency

Step 4

Configure base currency.

After you specify the base currency, you can use the currency values and rates with the currency convertor.

See Configuring base currency settings