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Best Practices for Managing Contracts in Flexera One

By Level 5 Flexeran
Level 5 Flexeran

Looking for feedback on best practices when managing contracts from FlexeraOne.

What is the recommendation for managing “Global Amount”  in the Master Contract where you have a several sub-contracts/amendments that are tied to a Master ID for multiple products. 

How is this cost rolled up ?

Is this a manual effort to keep this updated or do most just update the sub contract/Amendments with costs with reference to the master by populating the Master ID in the record? 

(1) Reply
By Community Manager Community Manager
Community Manager

The intended purpose for the "Global amount" property is that it should contain "The overall value of the contract, recorded in line with your corporate policies." (See here for a description of the property.)

So if you are going to populate this on a master contract, you would need to add up all the relevant amounts covered under that contract (including sub-contracts & amendments).

This field can be populated manually in the web UI, or using a business adapter (which may be appropriate if you have some external source of contract financial data that it is helpful to have reflected within Flexera One ITAM).

Whether it is worthwhile populating and maintaining this property on master contract records would depend on factors such as:

  • What purpose you have for storing this data - i.e. what value does storing the data in Flexera One ITAM provide to your business processes
  • The feasibility and level of effort of determining a meaningful value to store in the property, and keep it updated if/as anything changes
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