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Create Contract

Create Contract

Contract:  A group of Items (just like a package) that has an online contract associated with it. For renewing contracts, Volo will create a new invoice for each payment so we recommend that you set them up so that the package will expire in the same duration as the contract renews.

 

To create a new contract:

•Click Setup

•Click Inventory

•Click Packages

•Click Add Contract

 

Fill in the contract information at the top of the page. The mandatory fields are Name, Category and Update Members Rates.

 

 

To add your current items to the contract:

•Select the service or product from the Item drop down menu

•You have two options for setting the Quantity:

- Either tick Unlimited and enter the total price in the Item Total area, or

- Enter a Quantity and use the Item Price area to calculate the Item Total

 

 

•There are two options for Expiry:

- Fixed expiry: The item will expire from the members' remaining tab in the time frame chosen. Keep in mind that this is generally the same as the renewal/payment cycle.

- Specific date: The item will expire from the members' remaining tab on the date chosen.

 

 

Once this is complete, select Add Item. So far, your contract should resemble this:

 

Set the Renewal Details

•Select the Type of Contract

- Term: Fixed number of payments

- Ongoing: Unlimited number of payments

- Paid in Full: A single payment for the entire contract

- Complimentary: No payments

 

•Choose the type of renewal:

- Monthly on Account: This will add to the members On Account area and the invoice will not get created till you run the Create Invoices Due Process on or after the members account due date (defaulted to the 1st of the month - this is located in their Admin tab)

- Auto Renewal: This will create an autorenewal associated with the contract and the invoice will be automatically generated at the appropriate time

•Number of Times to Autorenew: Enter in how many times you want the contract to renew (term)

•Rules: Either set the contract to renew within a certain timeframe or when there are a certain number of items remaining.

- NOTE: Remaining Items Less Than... can only be used if there is one item line in the contract.

 

 

Set the Contract Details

•The Initiation Fee adds to the total contract value. This fee will be applied at the time of signing.

•For the Down Payment, you now have two options:

- Apply to All: For term contracts, the down payment will subtract the down payment amount from the total contract value and divide the remaining contract value by the number of payments

- Pre-pay: This takes the amount of the down payment and will apply it to subsequent paymentsuntil it is all used up

 

•First X Payments Free: Select how many payments you`d like to offer for free

•Last Payment Free: Tick this box if you`d like to offer the last payment for free

•Cancellation Notice: This is your policy on what type of notice is required for a cancellation

•Renew at End of Contract:

- No Renewal: The contract will end

- Additional Term: The contract will go into an additional term. You can set a new payment amount.

- Convert to Ongoing: The contract will go month-to-month. You can set a new payment amount.

•Conditions: These are the terms that you see on the contract. You can either choose the Default Terms which are located in Setup - Personalize - Contracts or you can set up Custom Terms for a specific contract.

•Select Save and Exit.

 

 

When searching your contracts, you can tell which are scheduled for autorenewals by looking at the color of the contract icon.

 

 

Contract Status

 

After a contract has been sold to a member, they will have a status. Here are the status definitions:

 

•Active: Active and paying account

•Frozen: Active but payments are frozen

•Inactive: Paid and service expiration date is in the past

•Paid: Balance is paid in full and service expiration date is in the future

•Stopped: Contract has been terminated

 

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