Contract Financial Tracking with GoldFinch

Connect contract information with GoldFinch transactions so users can analyze operational activity and financial results by contract.

Overview

GoldFinch can support contract-related financial tracking when the contract record is related to the appropriate sales, purchasing, project, subscription, or accounting records. The exact design depends on the customer's business process and installed GoldFinch modules.

Define the financial relationship

• Identify whether the contract applies to revenue, spending, grants, projects, subscriptions, or several categories.
• Define the transaction that consumes the contract value. Examples include purchase orders, posted purchase invoices, sales invoices, or recognized revenue.
• Decide whether the balance should use committed, ordered, invoiced, paid, or recognized amounts.
• Define treatment for taxes, freight, credits, cancellations, amendments, multiple currencies and intercompany transactions.
• Add the approved contract relationship to the relevant records and prevent unauthorized reassignment when necessary.
• Reconcile reports to the general ledger before relying on contract balances.

Multi-year contracts

A multi-year contract may require annual budgets, funding periods, billing schedules, subscription schedules, deferred revenue schedules, or project periods. Store the total authorized value separately from annual or period-specific amounts. Do not label a remaining balance as available funding until the organization defines which commitments and transactions reduce it.

Limitations

GoldFinch does not automatically infer every contract balance from an uploaded agreement. Contract-to-transaction relationships, calculation rules, and reports require configuration and testing.

Related GoldFinch Clientcare pages

• Project Management Overview
• Subscription Management
• Deferred Revenue
• Purchase Invoice
• Sales Invoice
• Month End Closing