You can terminate a contract if you need to end it before the contract is set to automatically terminate. When you terminate a contract, you can choose to terminate the contract immediately or on a selected date. If you select Terminate Immediately, Kube immediately terminates the contract and adds credits for any amounts that need refunded due to the early contract termination. If you select Terminate on Selected Date, select the date when you want the contract to end. Kube terminates the contract after the entire day has elapsed when the Terminate Contracts scheduled task runs. For more information, see Scheduled Tasks.
If the company paid the whole contract cost up front, Kube refunds prorated amounts for any incomplete months and full amounts for any remaining full months. If the company pays for the contract each month, Kube refunds prorated amounts for the current month, should the termination date fall before the month is complete. Kube does not refund one-time charges.
Termination penalty options
If your organization is set up to use early termination penalties, three options appear: Charge Remaining Contract Value, Charge Custom Amount, and No Penalty. For more information about this setting, see Setting default contract options.
The options displayed vary based on whether the contract’s charges have been invoiced. If the charges have not been invoiced, the option to charge the remaining contract value is available. Select Charge Remaining Contract Value to post charges based on whether the contract is billed monthly or paid in full. For details about how Kube creates these charges, see the section above.
If the charges have already been invoiced, or if you need to enter a specific penalty amount, select Charge Custom Amount. Kube posts a charge for the amount you enter. If no penalty applies, select No Penalty.
Penalty options screen example
NOTE: A penalty option must be selected before the contract can be terminated.
Termination accounting
If you terminate on a future date, Kube bills the company until the selected termination date. You can cancel a scheduled future termination if you need the contract to remain active. For more information, see Canceling a scheduled contract termination.
If you schedule the termination before the Monthly Posting scheduled task runs, Kube does not post next month's charges. If you schedule the termination after the Monthly Posting scheduled task runs, Kube will have already posted next month's charges and you will need to manually remove any posted charges you do not want Kube to invoice.
To terminate a contract
Select Customers > Contracts in the top menu.
Locate the contract in the grid and click the contract's name. The Summary screen appears.
Select Terminate in the side menu.
NOTE: This menu is not available if the Require NTV Before Termination setting is active. Complete the NTV before proceeding. For more information about adding an NTV, see Adding a notice to vacate.
Select whether you want to terminate immediately or on a selected date. If you select On Selected Date, enter the date.
TIP: You can terminate a contract up to 30 days in the past, but not before the move-in date.
Select a Penalty option.
TIP: To add additional fees, create a new charge on the Open Charges screen and invoice it. For more information, see Adding a custom charge.
Select a termination reason from the Reason list.
Enter comments about the termination in the Comments field.
Upload a PDF if needed by clicking the upload button. The uploader appears.
Click and drag the PDF to the uploader to add it, or click the upload area to choose the file from your device.
Click Terminate Contract. A confirmation message appears.
NOTE: Approval may be required for the termination stage gate. Complete the approval process as needed. For more information, see Requesting contract approval.
Click Yes. Kube terminates the contract immediately or schedules it for the selected date.
NOTE: If the company has security deposits on file for the contract, you can refund them from the Company Overview screen. For more information, see Refunding or applying a security deposit.