Renewals In Salesforce Part 6: Dealing With Prorated Contracts

In this video, I dive deeper into managing complex contract renewals. After receiving feedback from the last series, I’m addressing key scenarios like multi-year contracts, prorated deals, midterm churn, and contract extensions. We'll also cover how to properly annualize contract values and create the necessary fields in Salesforce to accurately report revenue movement for upsells, downsells, and other adjustments. By the end, you'll have a better understanding of managing diverse contract types and ensuring clean, automated processes for renewals. Let's get started!
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Actual Contract End Date Formula used in the video:
DATE(
YEAR(Contract_Start_Date__c) + FLOOR((MONTH(Contract_Start_Date__c) + Contract_Term__c - 1) / 12),
MOD(MONTH(Contract_Start_Date__c) + Contract_Term__c - 1, 12) + 1,
DAY(Contract_Start_Date__c)
) -1