Projects and Interval Billing
Fixed Bid, Interval Billing Schedules
Fixed Bid, Interval billing schedules allow you to invoice customers at predefined intervals. This schedule type bills in arrears only. You can specify an initial amount, recurrence frequency, payment terms, and the type of time entries to bill for these schedules.
You must enable Project Management and Advanced Billing to use fixed bid, interval billing.
Billing with Fixed Bid, Interval schedules is similar to using a standard billing schedule with a regular frequency. However, NetSuite calculates the number of billing cycles based on the duration of the project and the billing recurrence frequency. The percent work complete as of the bill date for each project item determines the amount billed.
Use the Invoice Actual Time Only check box when creating the schedule to determine the type of time to bill. You have the option to invoice planned project time and actual time worked during the interval, or only invoice actual time worked. If you invoice actual time only, then you cannot specify an initial amount.
Because these schedules do not contain any project or order specific information, they are public by default and can be shared.
Creating a Fixed Bid, Interval Billing Schedule
To create a Fixed Bid, Interval billing schedule
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From the Financial subtab of a project record, click the Add New icon next to the Billing Schedule field.
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Enter a name for the billing schedule.
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In the Initial Amount field, enter the amount to bill on the first invoice created from the sales order. You can enter the amount as a currency amount or a percentage.
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In the Initial Payment Terms field, select the terms to be used on the first invoice to be created from the sales order.
To add new payment terms, go to Setup > Accounting > Accounting Lists > New. Select Term.
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In the Recurrence Frequency field, select how often to create bills.
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Check Invoice Actual Time Only if you want to bill time worked and recorded but not planned time in each interval. You cannot specify an initial amount if you bill actual time only.
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The In Arrears box is checked by default because all billing for fixed bid, interval projects occurs at the end of the recurrence period.
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In the Recurrence Payment Terms field, select the payment terms to be used on all recurring invoices.
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If you do not want this schedule to be applied to new projects, then check the Inactive box.
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Click Save.
Billing Customers Using Fixed Bid, Interval Billing
Bill customers for fixed bid, interval projects using Advanced Billing. You can:
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Bill from the billing queue
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Bill manually
For information about how to use the billing process, see Billing Customers Using Billing Schedules.