Overview

---

When a contract is set up incorrectly, departments must complete the following steps in order to correct Chart of Account (COA) elements on the contract. 
 

Critical Concepts

---

• Each contract must maintain a single chartstring.
  Contracts require an exclusive chartstring to flow through all invoices under that contract.

• Avoid amending chartstring elements on active contracts.
  Changing chartstring elements—such as Revenue, Fund, Customer Account, or Financial Unit/Organization—on an existing contract can result in multiple chartstrings being issued under a single contract. This often leads to accounting complications and time-consuming cleanup efforts.

• Use contract duplication for COA changes.
  If chartstring segments need to change for future PPM invoices, duplicate the contract, update the necessary COA elements, and issue invoices from the new contract.

• Include justification when submitting amendments.
  When submitting contract amendments, always include the reason for the change in the Comments section to help prevent delays or rejections.
  
  

Steps to Take

---

Contract Amendments / COA Corrections – Required Process

1. Issue Credit Memos for All Existing Invoices
   All invoices issued under the incorrect contract must first be credited. Ensure the credit memos are submitted and fully approved.
   • Reference:
     KB0033271 – Creating a Credit Memo in Project and Portfolio Management (PPM) Invoice
2. Duplicate the Existing Contract
   Create a duplicate of the contract and update it with the correct COA elements, which may include:
   • Revenue Account
   • Fund
   • Customer Account
   • Contract Owning Organization (Financial Unit)
3. Recreate the Invoices on the New Contract
   Generate replacement invoices on the new contract by creating new billing events that mirror the original invoices.
   Ensure the invoices are submitted and approved.
   • Reference:
     KB0032793 – How to Create a Project Portfolio Management (PPM) Billing Invoice in Oracle
4. Submit a Services & Support (S&S) Ticket
   If payments were received on the original invoices, include a list of those invoices in your ticket so payments can be transferred to the newly created invoices.
5. Resume Invoicing on the New Contract
   Continue issuing future invoices under the corrected contract. This process ensures the contract maintains a single chartstring.