---
title: "Contract Main Tab"
slug: "contract-main-tab"
updated: 2026-08-10T20:17:03Z
published: 2026-08-10T20:17:03Z
canonical: "help.idibilling.com/contract-main-tab"
---

> ## Documentation Index
> Fetch the complete documentation index at: https://help.idibilling.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Contract Main Tab

The New Contract Specification window, **Main** tab, includes the following information.

| Contract Information |
| --- |
| SKU | A unique identifier used to define the contract. (Maximum characters = 20.) |
| Description | The name of the contract. |
| Alias | Provides a way of linking products to the products of another system. > [!NOTE] > Note > > This field can contain up to 50 characters. |
| Alt. Invoice Desc. | An alternate name that can be displayed on the customers' invoices. Maximum number of characters = 50. |
| Contract Duration | The length of time the contract is to be in effect. Used in conjunction with Duration Type. |
| Auto-Renew | If checked, sets the default for the contract to Auto-Renew. Once the contract is assigned to a customer, the contract will be renewed automatically for that customer upon expiration of the contract. This can be changed upon assignment to a customer or service. |
| Use with Price Matrix | If checked, the the Contract is displayed in the **Contract SKU** drop-down list of the Price Matrix. See [Adding/Editing a Price Matrix](/v1/docs/creating-a-new-price-matrix). > [!NOTE] > Note > > Price Matrix can only be associated with a Term Commitment contract. |
| FASB ASC 606 Eligible | Check this checkbox if the contract will apply in . **FASB 606 eligible sales** The ASC 606 revenue recognition standard was developed jointly by the Financial Accounting Standard’s Board (FASB) and International Accounting Standards Board (IASB). It provides a framework for businesses that enter into contracts with customers to transfer goods or services to recognize revenue more consistently. The IDI platform supports the sale of a service that involves items and conditions that make it applicable to the FASB ASC 606; specifically, a retail sale involving the activation of a monthly-billed service that includes retail-discounted equipment for acceptance of a contract. For example, a customer receives a $500 discount on a new handset by agreeing to the terms and conditions of a 2-year Contract. When these sales and FASB ASC 606-supporting conditions are met, the solution will capture and calculate the amount of the Contract Asset which will be used by Billing and General Ledger posting of the newly sold service. Contracts and Retail Discount Reason must be marked as eligible for use in FASB ASC 606 Eligible sales scenarios to support downstream billing and general ledger functionality. For further details, refer to the [***FASB ASC 606 Revenue Recognition Standards*** article](https://help.idibilling.com/knowledge-base/compliance-with-fasb-asc-606-revenue-recognition-standards/) in the IDI Billing Solutions Knowledge Center. |
| Duration Type | The Duration Type is used to help determine how long the contract is set up to last. Valid selections in the list are Years, Months, and Days. |
| Available Date | Enter or select the date that the contract is available for assignment. |
| Default Billing Status | The default Billing Status of the product when assigned to an account - Billing or Not Billing. |
| Discontinue Date | Enter or select the date the contract is no longer available for assignment. |
| Category | The Product Category used to group similar items, such as accessories or handsets, for accounting purposes. |
| Service Agreement | Select the Service Agreement that is associated with this contract, if appropriate. |
| Contract Term |
| ID | The unique identifier of the Contract Term. |
| Term | The type of Contract Term. |
| Value | The value of the Contract term. |
| Units | The units used for the Contract Term value. |
| Contract Penalties for the selected Contract Term |
| ID | The unique identifier of the Penalty. |
| Penalty Description | The name of the Penalty. Maximum number of characters is 50. |
| Amount | The monetary amount of the Penalty. |
| Calc. Type | The kind of calculation used to determine the Penalty. |
| Tax Class | The proper tax class assigned to the penalty charge. See [Tax Class Definitions](/v1/docs/tax-class-definitions). |