Contract Version Management

Contract version management enables you to create a new version of a contract, which you can modify, so that an existing contract can be easily updated. When you create a new contract version, the system creates a copy of the original contract so that you can make changes to the original contract. You may want to update the name of the store, renew the contract terms or contract dates, or update the sales attributes.

Creating a contract version lets you carry out the following tasks:

Compare the version and original contracts by running the reports Simple Contract Comparison to view basic changes, or Detailed Contract Comparison to view specific changes.
View a list of all the contract versions created with Version History.
Flag the latest version for deletion by running the report Contract Version Deletion.
Synchronize the data from the contract version to the original contract by running the report Contract Version Processing.
Edit and revise the contract version as many times as required, until it is processed.
Enable workflow so the version request advances seamlessly in the approval process.

Activities

You can create a new version of a contract at any time as follows:

Make the settings in Customizing as described in Customizing for Contract Version Management.
Create contract versions using the transaction Process Contract (transaction code RECN), by choosing the Create Version push button on the Original Contract tab page.
Submit the contract version for approval through an approval process. You have two options:
- You execute the approval process manually as described in Running Manual Approval Process.
- You enable workflow and the approval process is executed automatically as described in Running Automatic Approval Process with Workflow.