Contract fields for Enterprise Asset Management

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

    This document provides a detailed description of contract fields in the Enterprise Asset Management application, specifically focusing on lease contracts. Understanding these fields is essential for effectively managing and tracking lease agreements within your organization.

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    Key Features

    • Vendor: The vendor associated with the lease contract.
    • Contract number: A unique identifier for tracking the lease contract, obtainable from the vendor.
    • Name: The designation of the lease contract.
    • Parent contract: The overarching contract tied to the lease.
    • Start date: When the lease contract begins.
    • End date: When the lease contract concludes.
    • Contract administrator: The user managing the contract and vendor communication.
    • Approver: The user responsible for approving or rejecting the contract.
    • Business owner: The user overseeing the contract from a business viewpoint.
    • Description: A summary of the lease contract.
    • Invoice payment terms: Conditions for making payments for the lease.
    • Payment schedule: Frequency of lease payments.
    • Payment amount: The amount due for each payment, which can be set in any currency.
    • Applicable taxes: Tax status of the lease contract (Exempt or Sales).
    • Lease term (months): Duration of the lease in months.
    • Vendor account: The account for making payments.
    • Purchase order: Related purchase order for the lease contract.
    • Cost center: Financially responsible department for the lease.
    • Has rate card: Indicates if the contract includes a detailed cost rate card.

    Key Outcomes

    By understanding and utilizing these contract fields, ServiceNow customers can effectively manage lease contracts, ensuring compliance with financial terms, overseeing vendor relationships, and maintaining accurate records for financial accountability. This leads to improved efficiency in asset management and better financial planning.

    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.