Page 284 - Accounting Best Practices
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13–14 Create a Contract Terms Database
Exhibit 13.6 Sample Balanced Scorecard 273
frequency with which activities are required, the amounts involved, and any extra
details to clarify the nature of each transaction—in short, a brief but thorough sum-
marization of all the activities needed to fulfill the terms of all contracts. In case
there are questions about the terms of each agreement, the accounting department
should maintain copies of all agreements, as well as an extra file containing any
agreements that have expired in the last few years. This arrangement will quickly
bring order to the administration of any contracts that are the responsibility of the
accounting department.
