What are the key CPQ Package Settings an administrator should know?

CPQ Package Settings (Setup > Installed Packages > Salesforce CPQ > Configure) contain critical configuration knobs:

1. Default Quote Validity (days): Sets the default expiration date on new quotes.
2. Price Book Selection: Determines how CPQ selects the price book for a quote — by account currency, by a custom field, or manually by the rep.
3. Order Settings: Enable "Order by Quote Line Group" to create separate orders per group; enable "Contracted Pricing" to lock net prices on contracts.
4. Quote Calculator Batch Size: Controls lines per calculation batch — tune for performance.
5. Subscription Proration Precision: Day or Month — affects how mid-term subscription prices are pro-rated.
6. Enable Large Quote Experience: Switches the quote configurator to a performance-optimised mode for quotes with many lines.
7. Default Subscription Term: Applied when no term is specified on the quote.
8. Auto-Create Contracts: Automatically creates a contract when an opportunity is marked Closed Won. Misconfiguring package settings is a common source of CPQ bugs — always test changes in a sandbox first.