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Home > Procurement > Job Aids > Closing a Contract (CT)
Process
This job aid describes the process to close out a Contract.
Note: A cancellation pertains to transactions that have no payment activity associated with them. If any transactions (i.e.: IN, RE etc.) have referenced the PO, please refer to the job aid for Closing a Contract (CT).
1. In the Global Navigation Field, enter CT and click on the magnifying glass/search.
2. Search for the Contract transaction.
Enter a Department Code in the Dept. field.
Enter the Transaction ID in the ID field.
Select Search.
3. Select the Transaction ID link to open Contract to close out.
Note - Transaction Phase should be Final.
4. Modify the Contract.
Select 3-dot menu located at the top right of the screen
Select Modify.
Select the Modification tab in the Header section.
Type Close Out Contract” in the Reason for Modification description field.
Select Save.
5. Change the Quantity or Contract Amount of the Contract.
Select the Commodity section of the Contract.
b. If the Line Type is for an Item.
Enter a new quantity in the Quantity field. The quantity amount should equal the number of actual items received the Line Type is for Service.
If line Type is for Service
Enter a new amount in the Contract Amount field. The amount should be equal to the amount invoiced.
6. Select Related Actions.
Select Recalculate Accounting Lines from the tab level Related Actions menu.
7. Select Validate. Review and correct any errors, then click Submit.
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