Contracts in ContractoAI - Support

Contracts

In ContractoAI, contracts are not just pieces of paper or digital documents. They are dynamic entities that play a central role in your finances.

Contracts within ContractoAI give the possibility for private individuals to digitalize all of the private contracts.

Essentials

This article aims to provide you with a comprehensive understanding of contracts and how they are managed within the application, helping you navigate personal agreements efficiently.

Required values:

Contract title

Optional values:

everything else

Calculated values:

dynamically calculated by the FinE engine.

^{The diagram show the contract entity with all of the attributes/columns.}

Properties

A Contract has multiple properties. ContractoAI consolidates the key attributes into groups.

Core information

Stores basic information like title, type or associated partner.

Payment details

The place where all of the financial properties will be stored.

Contract timeline

Stores information about the contract term and main time associated values.

Termination

Stores all of the values, which is the base for the data driven notifications.

Other

Stores your notes and the referenced web portal, optionally.

Calculated properties

There are calculated on-the-fly on your device within the app based on the existing data.

Contract lifecycles

Contracts can be different. Rental contracts has other parameters than loan agreements and service contracts can be structured differently to subscriptions.

To be able to understand the entire lifecycle of personal contracts here are the four most contract structures in the app, that you can map to almost any contract:

Basic scenario A

A fixed-term contract is an agreement that specifies a predetermined end date or a specific duration for the contract. These type of contract is very common in some countries.

Ideal for standard contracts without payment tracking.

^{For example, a contract has a monthly payment interval with a contract term of Jan 2023 to Dec 2025.}

Open-ended scenario A

An open-ended contract, often referred to as a “rolling contract” or “indefinite contract” is a type of agreement, that does not have a predetermined end date.

Ideal for subscriptions or service agreements without payment tracking.

^{For example, a contract has a monthly payment interval. It starts with Jan 2023, but that does not have a predetermined end date.}

Basic scenario B

In this scenario the contract is defined with a start date and a predetermined end date. Optionally the contract ends automatically.

The explicitly created payment plan gives you a detailed overview of all payments.

Ideal for contracts with various amounts between payment intervals, saving plans and normal contracts, where you want to be able to track payments.

^{^{Monthly payment interval with a contract term of Jan 2023 to Dec 2025. The payment plan has 36 items (3 years x 12 months) with customisedamounts, payment dates and status.}}

Open-ended scenario B

In this scenario the contract is open-ended. It continues indefinitely until either party decides to terminate it. Contract doesn’t end automatically.

An explicitly created payment plan can be created for a specific time range.

Ideal for employment contracts or unlimited subscriptions with various amounts between payment intervals, to be able to track payments.

^{^{Monthly payment interval with a start date of Jan 2023. For example the payment plan can be generated for the next 12 months.}}

Owners

In ContractoAI, one Contract can have maximal two Owners. A primary Owner and a co-Owner.

You can select all of the Owners on the Contract edit view as an Owner and/or as a co-Owner.

Info: This attribute is interpreted as a Dimension, you can analyze the finances in the Analytics area based on this attribute.

Tip: Under Settings > Owners, you can define your person and add and edit multiple owners.

Payment Directions

In ContractoAI, there are three pre-defined payment directions:

Expenses
Income
Savings

Every time if you create a new contract, it is important to define which payment direction the contract has. Based on this attribute the app knows, how to handle the financial values in the background.

Info: This attribute is interpreted as a Dimension, you can analyze the finances in the Analytics area based on this attribute.

Tip: Under Settings > Payment Directions, you can view these values as well.

Expenses:

Contracts with this payment direction are, where you pay an amount to a Partner.

Income:

Contracts with this payment direction are, where you get an amount from a Partner.

Savings:

Contracts with this payment direction are, where you pay an amount to a Partner, however you save this amount as well.

Payment Interval

If you create a standard contract you define an amount with a payment direction. This amount is an initial value, because you get or pay amount on weekly, monthly, quarterly, yearly basis.

In other words, normally a contract has a start date and end date, in this period there are multiple transactions.

The attribute Payment Interval is an important attribute later for Payment Plans and Analytics but also for core measures like Total Amount.

How to

This tutorial will explain how to use the contract feature in the app to map the right contract structure, monitor contract performance, and learn how to track status, duration and other insightful metrics.