Requesting Variations
To request a variation for a Folio, click on the ellipsis on the Folio and select Request Variation.
This will bring up the list of Variation Workflows that have been setup for the the template:
Note - If there is only one Variation Workflow setup for the template you will be taken directly to the New Variation Screen.
Select the Workflow you want to use, and Folio will open the create screen in a new tab.
At the top of this new Variation there is a link back to the Folio that this Variation is for, what the current value, commencement date and end date are for the Folio:
After filling in the fields for your new variation click on Submit to create the variation.
Once the Variation is created you will find the same information on top of the details tab:
Under this are the fields that are the details of the variation:
The Variation Value is the value of this variation, and once approved will be added to the Current Value of the Folio.
Approving Variations
A Variation is just like any other Folio (Except in the final stage), it will progress through its workflow like any other folio - by choosing "Submit for approval" from under the ellipsis.
Once the Variation is in its final stage is when you will be submitting it for Variation Approval from under the ellipsis.
Variation Approval will send the Variation through to the approvers much like any other stages, but once it has been approved the Original Folio will be updated
The message an approver will see when completing a variation approval.
Once the Variation is approved, the End Date or Current Value on the original Folio will be updated (The End date will be extended to the new end date on the variation, and the Current Value will increase by the Variation Value.) - The Variation will also be closed, and the Variation status will be set to Approved
Once the Variation is approved the values in the blue box will now show you what the Old Value or Old End Date was before the variation was approved:
And on the original Folio the Current Value and/or End Date have been updated, there is also a new Variations tag that is put next to the field name to let you know that the field has had a variation.
Hovering over a Variation tag will give you a summary of the Variations that have been applied to this Folio:
Note: The variation process will update the built-in Current Value field, but not any other custom Contract Value fields you may have on the template. These will need to be updated manually.
Viewing Variations to a Folio
All of the variations that are made to a Folio can be found under the Variations tab.
This tab will show you a list of all the variations, by default it will only show you the approved variations.
You can also Request a new Variation from this screen by clicking on the "Request Variation" button.
If you want you can change the Variation Status filter to see other types of variations
There are several statuses that a variation can have:
- In Progress: The variation is open and moving through the workflow.
- Approved: The variation is closed having been given it's final approval and values on the original record have been updated.
- Rejected: The variation has been rejected for approval, but is still open and the workflow can be resumed once any issues causing it to be rejected have been rectified.
- Abandoned: The variation was closed before receiving it's final approval. No values were updated on the original record as a result of this variation.