Contracts encompass contract items and these can be linked to any of the below Odin items
Once linked, financial ledgers are auto-created for all items that are updated in real time giving the organization full visibility of forecasted and actual financial positions (expenditres, revenues, profits) in realtime, all the time. Of course some links can't be automated and require manual ledger creations to reflect the organizations transactions which is supported by Odin
To create a contract, navigate to /Financials and click the Create button.
You'll need to fill in a few details before clicking save.
Contract Name- used as a reference throughout Odin
Contract Description- used as a reference throughout Odin
Payment Term- used to forecast receivables, invoice date + payment term (in days)
Contract Start Date- effective date the contract will start to apply, works done before this date will not have automated ledgers created
Contract End Date- effective date the contract will end and not apply, works done after this date will not have automated ledgers created
Contract Supplier- A list of resources and users in the organization, if one is applied to this contract that will act as the receivable entity of the ledger
Addbox and select the type of Odin item to be applied
Item Rate $/UoM- Amount per Unit of Measure to be applied when creating ledgers for nominal charges
Important: Odin uses negative and positive numbers to represent value. Negative numbers equate to money leaving the organization while positive numebrs equate to money entering the organization as such all rates that are expenditures should be entered as negative values and all rates considered revenues should be entered as positive values
Servicing Rate $/UoM- Amount per Unit of Measure to be applied when creating ledgers for servicing charges (ideal for tools and assets)
Depreciation Rate $/UoM- Amount per Unit of Measure to be applied when creating ledgers for depreciating charges (ideal for tools and assets)
Appreciation Rate $/UoM- Amount per Unit of Measure to be applied when creating ledgers for depreciating charges (ideal for tools and assets)
Damages Rate $- Amount per Day to be charged or paid for damages
Damages Exemption Period (Days)- Days of exemption after the contracts ended until damages will be applied
Item Budget $/UoM- Budgeted amount per Unit of Measure to be spent or earned on the particualr item
Reference- Changes the way summations of works payable are made. Only applies to Users or Teams. Selecting Timesheet will only apply this rate to timesheets captured specifically for projects that belong to this contract (Casual Employees). A Contract Days operation will apply this rate to any timesheet for this entity, including timesheets connected to projects that are not governed by this contract (Full Time Employees)
Standard Day- Only applicable when
Timesheetsis selected. This amount will apply as a standard to any auto-created timesheet for the selected User or Team. The hours can be manually adjusted later if required. Odin tracks and divides hours when multiiple tasks are completed in the same time thereby keeping track and indexing time across multiple expenditures for your convenience.