Advanced Billing enables you to create Billing Schedules to Invoice Sales over a range of time or a contract term. For example, a service company can use Advanced Billing to manage Recurring Billing on Sales such as a one-year membership billed monthly.
Billing Schedules manage the billing process to track when to Invoice customers and how much to Bill.
When a Billing Schedule is assigned on a Sale, NetSuite adds a Bill to the billing queue at the intervals determined by the schedule. Then, you can go to Transactions > Sales > Bill Sales Orders to create the invoices in the billing queue.
The Advanced Billing feature requires that you also enable the Sales Orders feature.
To know more about this feature, refer the article 9162 Advanced Billing Overview.