How Bill Plan and Revenue Plan Components Work Together
Bill plans and revenue plans provide you with the ability to create a consolidated set of billing attributes that can be shared across contract lines within a contract.
Create bill plans and revenue plans within a contract, and associate them to one or more contract lines.
Configure the regions of a bill plan and revenue plan according to your invoicing and revenue recognition requirements. The regions are:
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Hold option
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Invoice or Revenue Method Name
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General Information
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Billing Extensions
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Schedules and Overrides
Hold Option
Enable the hold option to prevent transactions associated with contract lines using the bill plan or revenue plan from being included in invoice or revenue generation.
Invoice or Revenue Method
Determine how you want to invoice or recognize revenue for the contract lines that use the bill plan or revenue plan. Select the invoice method or revenue method that has a method classification with the invoicing or revenue recognition instructions that meet your requirements.
General Information
Define customer information, invoicing instructions and invoice summarization options for the bill plan. Select the associated contract lines for the bill plan or revenue plan. The following table explains the options.
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Feature |
Description |
|---|---|
|
Customer Information |
The invoice customer, site, and contact person that receives the invoice for project-related work on contract lines that use the bill plan. |
|
Invoice Information |
Instructions for the billing currency, billing cycle, payment terms, billing offset days, and the bill set number for the invoices. Enter any specific comments that you want to appear on the customer invoice. Also enter any instructions for the billing administrator to follow during invoice preparation. |
|
Letter of Credit Details |
Only award contracts can use letter of credit billing. Select the Letter of credit billing check box and provide a unique Document Number for the bill plan. Caution: If any bill plan of an award contract uses letter
of credit, then all the bill plans must use letter of credit billing
and the bill plan can't be set to the federal invoice format SF270.
|
|
Invoice Summarization Options |
Select the labor, nonlabor, and event formats that group transactions on invoice lines. |
|
Associated Contract Lines |
Select the contract lines that you want to use the bill plan or revenue plan. Each bill plan or revenue plan can be associated with multiple contract lines within a contract. However, a contract line can only be linked to one bill plan or revenue plan. Associate contract lines to the bill plan or revenue plan when the contract is in Draft status. After the contract is approved, you must place the contract under amendment to change or add contract lines. |
Billing Extensions
Optionally, add a billing extension to calculate the invoice or revenue event amounts for contract lines using the bill plan or revenue plan. If the invoice or revenue method uses a billing extension, it's automatically copied onto the bill plan or revenue plan.
The billing extension status must be Active for the invoice or revenue generation process to call the billing extension. Select whether you want the billing extension to calculate an event for either the Associated Project or the Contract Line. If you select Contract Line, the event amount will be for all projects associated with a contract line.
Schedules and Overrides
Select the labor and nonlabor schedules that determine the origin of the standard bill rates, burdening, or transfer prices for contract lines associated with the bill plan. Enter any applicable discount information for standard bill rate schedules. Optionally, enter any overrides or multipliers that will take precedence over the standard bill rate schedules, if applicable.