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Administrator Guide
Last Updated: 2023-09-08
Concept: Customer Contract Renewals

Concept: Customer Contract Renewals

Workday enables you to create renewable sales items and manage renewal terms on the customer contract and customer profile. You can create custom reports to access renewal information and run a standard report to view customer contract lines that are up for renewal. Customer contract renewals are intended for reporting purposes only. Workday doesn't automatically renew expiring customer contracts.

Sales Items

When you create or edit a sales item, you can mark the sales item as
Renewable
. When you add the sales item on a customer contract line, Workday automatically enables the
Renewable
 check box. You can clear the check box at any time when the renewable sales item doesn't apply to the customer contract. You also have the option to mark a sales item as
Renewable
 when you create a customer contract line.

Renewal Terms

You can manage the renewal terms either on the customer contract line or on the
Renewal Base
 report on the customer profile. To manage the renewal terms on the:
  • Customer contract line, navigate to the
    Renewal Terms
     tab on either the
    Goods and Services
     tab or on the
    Usage-Based
     tab.
  • Renewal Base
     report, configure the report to display on the
    Contracts for Customer Composite View Profile
     profile group on the customer profile. The
    Renewal Base
     report displays all of the renewable customer contract lines that are active for the current period. You can use the report to manage the renewal terms in mass.
You can:
  • Add a customer bill-to contact.
  • Add an opt-out period for the contract term.
  • Enter a renewal quantity, renewal rate, renewal amount, and renewal percent. Example: You can add a 5 percent increase in price the next time the contract renews by entering 5 in the
    Renewal Percent
     field.
  • Set a from date and a to date.

Renewal Reports

You can:
  • Create custom reports to access renewal information.
  • Access the
    Find Expiring Customer Contracts
     report to view all of the customer contract lines that are expiring soon. By default, the report displays customer contracts that are expiring in the next 30 days, but you can configure the report to display customer contracts that are expiring in the next 60 days, 90 days, or a custom date range that meets the needs of your organization.