When you have a new contract that is not related to an existing contract for a particular customer, you can set up a new contract in TrueRev.
For guidance, please refer to the video tutorial in TrueRev on how to create a contract.
A renewal term is created when a new contract is linked to an existing one, with the purpose of extending the duration of the original agreement.
Watch the Step-by-Step Video
For a visual guide, watch this video:
Creating a New Contract for the Same Customer vs Creating a Renewal
On the TrueRev Dashboard, navigate to the Contracts tab and search for the contract you wish to add a renewal term.
Once the contract is open, navigate to the Bookings tab. You can choose to duplicate a term by clicking the “Duplicate term” button. A pop-up question will appear; click OK to confirm.
A new term will be created with the same products as the duplicated term. The start date of the renewal term will automatically follow the end date of the previous term. If you want to modify or update the end date for the renewal term, you can do so by clicking the “Edit term” button. Save the changes by clicking the checkmark button.
Click the dropdown arrow before the term to view the products. If you used the “Duplicate Term” feature and made no changes to the product values in the renewal term, the revenue will be automatically recognized in the Revenue tab.
You may also modify or update the start and end dates, quantity, price and discounts for each product by clicking the “Edit” button. Click “Save” to finalize the changes made.
Go to the Billing tab. Select an invoice to associate to the contract. Click the "Associate an existing invoice” box and search for the invoice by typing the customer’s name or invoice number. Select the invoice, the “Manage invoice line associations” dashboard will open then click the "+Associate" button.
Select the contract product. Since the product was previously created in the Bookings tab, choose “Use Existing Product.” Click the selection box, choose the appropriate product, then click “Associate” and “Done.” If there are multiple products, repeat this process for each one until all products have been associated in the invoice. Once completed, click “Next.”
Navigate to the Revenue tab to recognize any differences in product values in the renewal term of the contract. When using the “Duplicate Term” feature, only the revenue amount matching the original term is automatically recognized. Click the “Set up revenue schedule” button. Add the product/s by clicking the drop-down arrow.
Set up how you’d like to recognize the product/s of the renewal term by toggling the “Ratable” or “All-at-Once” options.
Change or update the start and end dates. You can click “Fill start date” and “Fill end date” to set them the same as the renewal term dates. Then, click “Save”.