With advanced billing, business may make billing schedules that allow business to bill sales over a certain period of time or the duration of the contract.
A billing schedule can be made and applied to the entire sales order, or users can choose a different billing schedule for each line item in an order. An item record can also have a default billing schedule assigned to it, which will cause it to appear on a sales order when the item is selected.
Billing schedules manage the billing process to track when to invoice customers and how much to bill. Go to Setup > Company > Enable Features. On the Transactions subtab, check the Advanced Billing box. To schedule billing got to Transaction > Billing > Schedule Billing Operations. Bill can be scheduled for customer who have pending bills.
Bill can be scheduled for entire sales order or for each item in sales order. For item specified billing enable feature Item-specified billing terms. Go to Lists > Accounting > Billing Schedules > New. On the Billing subtab of sales order, select the required billing schedule in the Billing Schedule field.
- Initial Amount – the amount of the first billing instance
- Type – the type of billing schedule to use.
- Initial Payment Terms – payment requirements applied to the first billing instance.
- Recurrence Frequency – the frequency for billings to repeat, such as daily, weekly, quarterly, every four months, or monthly.
- Repeat Every – how often recurring invoices are generated.
- Recurrence Count – the number of bills that are created after the initial billing.
- In Arrears – bills at the end of each period, instead of the beginning.
- Recurrence Payment Terms – payment requirements applied to billings subsequent to the first
For billing expenses for time, goods and services directly to customer enable feature on the Transactions subtab Bill Cost to Customer. To create Invoicing preferences, go to Setup > Accounting > Invoicing Preferences, and select required preferences and save. The Invoice Groups feature lets you group invoices for your customers. It combines multiple invoices into one invoice group. Invoice grouping, also known as consolidated invoicing or billing grouping, is a process where multiple invoices are combined into a single invoice for presentation and payment purposes. This practice is often used in business scenarios where a customer has multiple transactions or orders, and the organization wants to streamline the billing process by sending a consolidated invoice.