How Does Project Contract Billing Cycles Work (Doc ID 2413182.1)

Last updated on SEPTEMBER 04, 2024

Applies to:

Goal

1. Requirement: Contracts that need to be invoiced weekly (both bill rate based and amount based invoicing) and some that only need to be invoiced once a month.

The invoicing for the monthly invoices are done after the last Friday of each month. If weekly billing cycle is used (billing cycle days of 7) for the weekly billing invoices and a billing cycle of 'end of the month' for the monthly invoices, then when the invoice generation program is run at the end of the first week of the month, will the program only pick up contracts with a weekly billing cycle and ignore all the contracts with 'end of the month' billing cycle?

This should happen every week, until the last Friday of the month after which the invoice generation program should pick up the monthly contracts to bill. How are the billing cycles are intended to work?

2. How does the billing cycle 'End of the Month' work? When deriving the next bill through date does it always derive it to be the last day of the month regardless of when the last invoice generation was run?

3. For a 4-4-5 billing cycle, how should this be defined as a billing cycle? Billing is to be done on the last Friday of the month (with the exception of some months where it falls over to the next month). How to define a billing cycle for this?

Note: 4-4-5 billing cycle, basically means that the first billing cycle for the year is 4 weeks, 2nd billing cycle is also 4 weeks and the 3rd one is 5 weeks. This will keep repeating. The billing cycle always ends on a Friday and basically if you look at the calendar using the logic above you will see that it falls on the last Friday of each month for most months.

4. How does the billing cycle type of 'User Defined' works?
 

Solution

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