The University’s Contract Payment Tracker (CPT) is anticipated for release on Wednesday, April 12th. The new tool will facilitate departmental ability to monitor payment data related to business contracts in the Contracts+ system. With functionality to audit VP2 and VPE documents, the new interface will ensure that payments under a business contract do not exceed the approved dollar limits of the contract; a helpful tool that can assist Colleges, Schools, and Units in tracking payments related to Contracts+ agreements.
Phase 1, of the project, in operation since July 2022, was focused on capturing the contract number on invoice payment requests. To date, campus users processing payments have created more than 8,667 VP2 and 386 VPE records using the improved tracking feature.
The new Contract Payment Tracker is part of Phase 2 which focuses on the required backend reporting of payment history by contract and includes a new interface between Contracts+ and DEFINE.
With the release of the CPT, contract payment transactions on VP2 and VPE documents will begin to audit against contracts header data (number, dollar value, and term) taken directly from the CPT interface with Contracts+.
Additionally, the tool will allow users to view transactions by contract number and basic information from Contracts+, including a summary of spend for each contract.
Contract payments on VP2/VPE documents will now audit against data in Contracts+ to ensure:
- The contract allows spending (i.e., it is not a revenue-generating contract or a $0 contract)
- Payments do not exceed the contract amount
- The service dates are not outside the contract’s effective dates
- The contract does not require review by the Business Contracts Office (BCO)
Contract Payment Tracker features include:
- A real-time connection to Contracts+ that provides users with up-to-date information
- Historical data from contracts in Contracts+ predating the CPT’s April 12th release date
- The CPT interface will allow users easy access to summary information for contracts in Contracts+, including contract name, vendor, dates, and contract amounts
- CPT includes support for contract family functionality from Contracts+, including the display of parent/child contract relationships
Financial data available through the CPT will include:
- Total contract amount
- Payment transactions associated with a contract
- Summary of previous contract spend (if provided) from transactions before the CPT began, along with a calculation of the estimated remaining amount on the contract.
Procurement and Payment Services will share additional details regarding the VP2 and VPE document audits and the Contract Payment Tracker when the new interface goes live April 12th.
