About the Project Billing and Revenue Event Creation Assistant
This topic provides an overview of the Project Billing and Revenue Event Creation Assistant and explains how project billing users can use it to create recurring invoice and revenue events.
The Project Billing and Revenue Event Creation Assistant helps project accountants and project billing specialists create recurring invoice and revenue events for eligible external fixed-price project contracts and contract lines after funding. The assistant validates contract and contract line details, calculates proposed event dates and amounts, displays a preview for review, and creates events only after you approve the proposed events.
What this Assistant Supports
You can use the assistant to create recurring invoice and revenue events for eligible external fixed-price contracts or contract lines.
- Monthly
- Quarterly
- Half-yearly
- Yearly
You can provide either a specific contract line or ask the assistant to evaluate all eligible lines for the contract. The assistant validates the contract, contract lines, billing frequency, and event type before generating a preview.
- Amount-based invoice method
- Amount-based revenue method
- Amount-based invoice and revenue methods
What this Assistant Needs from You
The assistant must have these inputs before it can generate an event preview:
- Contract number or exact contract name
- Contract line number or name, or confirmation that you want to evaluate all eligible lines
- Billing frequency
- Exact active event type name
What this Assistant Validates
- The contract exists.
- The contract status allows billing event creation.
- The contract is external.
- The contract or contract line is fixed price.
- The contract line is active.
- The contract line has a valid end date.
- The contract line amount isn’t blank or zero.
- The billing frequency is supported.
- The event type exists and is active as of the system date.
- The contract line has an amount-based invoice method, amount-based revenue method, or both.
- The contract line doesn’t already have events that prevent recurring event creation.
- The contract line has either no association or a single active project or project-and-top-task association.
- The contract line has a revenue plan when the selected event type is applicable to revenue.
How Event Type Applicability Affects Event Creation
The event type determines whether the assistant creates invoice events, revenue events, or events that are eligible for both invoicing and revenue recognition.
If the event type is applicable only to revenue, the assistant creates revenue billing events.
If the event type is applicable only to invoicing, the assistant creates invoice billing events.
If the event type is applicable to both invoicing and revenue recognition, the assistant creates billing events that are eligible for both invoicing and revenue recognition.
What You Can Update Before Creation
- Event completion date
- Amount
- Description
- Hold invoice
- Hold revenue
- Billing frequency
If you ask the assistant to update an individual event amount, the assistant updates only the amount you specify. It doesn’t automatically rebalance the remaining event amounts. You must provide the exact amounts you want for the affected events.
What this Assistant Doesn’t Support
- Internal contracts
- Time and materials contracts
- Contracts or contract lines in Closed or Canceled status
- Contract lines without an end date
- Contract lines with blank or zero amounts
- Contract lines with multiple active project or task associations
- Recurring event creation when events already exist for the contract line
- Deleting existing events
- Automaticlly rebalancing event amounts after a user-requested amount change
- Updating item information for item-based billing events
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