Manage Billing Templates
Billing templates of a service contract consist of attributes, which upon selection determine the billing schedules of the contract. Setting up of these billing attributes and the creation of a billing template is a mandatory step in contract setup.
During contract creation, these templates are then selected by the sales administrator. For example, if you select Advance Invoice as the Invoicing Rule in the Billing Template, it guarantees that the billing takes place before the Period (Month, Quarter, Year) begins. You can change your billing attributes during contract creation as long as your status is Draft.
Learn about the different billing attributes in the billing template of a service contract. These attributes are in the Edit Billing Templates page:
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Name: This is a mandatory field. After setup, choose your named billing template during contract creation.
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Description: This field is optional.
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Bill Service: The options in the Drop Down list include 'Bill', 'Do not bill', and 'Bill on renewal'. For instance, these options are provided to accommodate legacy contracts being imported into the application and may already be partially billed through another AR system. Therefore, 'Do not bill' can be chosen until contract renewal, following which it changes to 'Bill'.
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Invoicing Rule: Choose between bill payments in the form of 'Advance Invoice' and 'Arrears Invoice'.
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Billing Frequency: Choose a suitable billing periods: Month, Year, Quarter, and Year.
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Billing Date: Choose a billing date: Period start, Period end, Day and Offset.
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Accounting Rule: Choose a suitable accounting rule from the Drop Down list.
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Transaction Type: This attribute determines if the billing is going to be an Invoice or a Credit Memo. The values for the Drop Down are predefined by Accounts Receivables and generated in the Billing Template.
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Payment Terms: Choose a payment method, such as Immediate, Last Day Month, Due 10th, and so on. this indicates the period within which you must pay.
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Period Start: Choose your billing period from the Service Start, or Calendar date.
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Period Type: Choose between Actual and Fixed to determine if the billing period is based on the number of days in the month, or a fixed duration, such as 30 days.
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Termination Credit Method: Choose from the following: Prorate with credit, Prorate without credit, Full, None to determine whether or not partial or full charges will be waived as a refund upon termination.
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Subscription Invoice Text: In order to process the descriptions of the invoice by Accounts Receivables, you must add attributes for the subscription invoice text. This includes Charge name, Item name, Bill to date, Bill from date, and so on.
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Coverage Invoice Text: In order to process the descriptions of the invoice by Accounts Receivables, you must add attributes for the coverage invoice text. This includes Asset number, Item name, Bill to date, Bill from date, and so on.