Billing Schedules Overview

In my opinion, a standard functionality that seems to be under utilized in new Netsuite implementations is the Billing Schedule feature. Billing Schedules allow one to efficiently manage billing operations by providing a centralized hub for creating, viewing, and editing invoices and bills. 

Benefits of NetSuite Billing Schedules

1. Reduced Effort for Billing Operations

NetSuite Billing Schedules save valuable time by consolidating client recurring revenue data in one place. Eliminate the need to sift through spreadsheets or emails, as the automated process ensures accurate billing without manual intervention.

2. Enhanced Accuracy

Centralizing data with NetSuite Billing Schedules increases billing accuracy. Invoices are consistently generated correctly and on time, reducing errors and fostering customer trust and satisfaction.

3. Improved Cash Flow Visibility

Gain a comprehensive view of customer payment history, enhancing cash flow management. Easily identify overdue payments and take proactive measures to collect outstanding invoices. This improved visibility empowers strategic decision-making for optimal resource investment.

How to create a Billing Schedule

To create a Billing Schedule, users will need to provide the fields below. Keep in mind that not all fields are required and we recommend setting up the schedules in a sandbox environment to validate that invoice creation aligns with your business requirements.

Fields

Name: Provide a distinctive/codified name for the billing schedule, so that future users can easily identify the cadence and payment terms.

Initial Amount: Specify the amount appearing on the first invoice (mandatory). This field can be an amount or percentage. Initial Payment Terms: Set terms for the initial invoice (mandatory), based on your predefined options.

Recurrence Frequency: Choose how often invoices will generate (mandatory).

Recurrence Count: Split the amount into a desired number of payments. Maximum of 36 recurrences.

In Arrears Option: Selection this option to Bill the day after the invoice date.

Recurrence Payment Terms: Apply specific terms to all invoices generated by the billing schedule (mandatory), based on your predefined options.

Quarterly Example

Below is an example of a quarterly invoicing configuration. This configuration is for a $1000.00 payment on receipt with the remaining open amount being equally split over the next 4 invoices.