Contract fields for Enterprise Asset Management

  • Release version: Xanadu
  • Updated August 1, 2024
  • 2 minutes to read
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    Summary of Contract fields for Enterprise Asset Management

    This documentation provides a detailed description of the contract fields available in the Enterprise Asset Management (EAM) application, specifically for managing lease contracts. These fields enable ServiceNow customers to accurately track, manage, and financially control lease contracts associated with their assets.

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    Contract Fields

    • Vendor: Identifies the vendor linked to the lease contract.
    • Contract number: Unique identifier for the lease contract, typically provided by the vendor.
    • Name: The official name of the lease contract.
    • Parent contract: If applicable, the higher-level contract associated with the lease.
    • Start date / End date: Defines the lease contract’s effective period.
    • Contract administrator: The user responsible for managing the lease contract and vendor communications.
    • Approver: The user who approves or rejects the lease contract.
    • Business owner: The user overseeing the contract from a business standpoint.
    • Description: A narrative description of the lease contract.

    Financial Fields

    • Invoice payment terms: Specifies the conditions and timing for payments.
    • Payment schedule: Frequency of lease payments (e.g., monthly, quarterly).
    • Payment amount: The amount due for each payment, configurable in any currency.
    • Applicable taxes: Tax status of the contract with options for Exempt or Sales tax applied.
    • Lease term (months): Duration of the lease expressed in months.
    • Vendor account: The vendor account for payments.
    • Purchase order: Associated purchase order number for the contract.
    • Cost center: Financial responsibility center for the lease contract.
    • Has rate card: Indicates if the contract includes a rate card detailing cost specifics.

    Practical Application for ServiceNow Customers

    By leveraging these contract and financial fields, ServiceNow customers can precisely manage lease contracts within the Enterprise Asset Management module. This enhances visibility into contract details, payment obligations, and financial accountability, supporting stronger vendor management and compliance.

    Additionally, the presence of a rate card option allows for detailed cost tracking, which is critical for budgeting and forecasting asset-related expenses.

    A detailed description of all contract fields in the Enterprise Asset Management application.

    Contract

    Field Description
    Vendor Vendor that is associated with the lease contract.
    Contract number Unique number that is used to identify and track the lease contract. You can obtain this number from the vendor.
    Name Name of the lease contract.
    Parent contract Parent contract that the lease contract is associated with.
    Start date Date on which the lease contract begins.
    End date Date on which the lease contract ends.
    Contract administrator User who manages the lease contract and communicates with the vendor.
    Approver User who approves or rejects the lease contract.
    Business owner User who manages the lease contract from a business perspective.
    Description Description of the lease contract.

    Financial

    Field Description
    Invoice payment terms Terms that describe how and when you must make payments for the lease contract.
    Payment schedule Frequency at which you must make each lease contract payment.
    Payment amount Amount that you must pay for each lease contract payment.
    Note:
    You can set this field to any currency of your choice.
    Applicable taxes Taxes that are applied to the lease contract. Select one of the following options:
    • Exempt: The lease contract is exempt from taxes.
    • Sales: Sales taxes are applied to the lease contract.
    Lease term (months) Length of the lease contract, in months.
    Vendor account Vendor account to which you must make each lease contract payment.
    Purchase order Purchase order that is associated with the lease contract.
    Cost center Cost center that is financially responsible for the lease contract.
    Has rate card Option that indicates if the lease contract has an associated contract rate card, which provides detailed cost information for the contract.

    See Create a contract rate card for more information on contract rate cards.