Understanding Billing Patterns

You set up bill patterns for recurring billing and expense participation to determine when and how often an account is billed. You can set up billing cycles such as daily, weekly, biweekly, bimonthly, monthly, quarterly, semi-annually, and annually. Billing dates can be specific dates, such as the beginning of the month, the end of the month, quarter days, and so on.

You must define the billing patterns that you set up as one of three types:

• F - Fiscal periods (expense participation only).

  The system uses the periods defined by the fiscal date pattern for billings. An X for Fiscal Pattern Linked should be entered in each period for which billings should be done. For example, if EP is calculated annually in December, an X should appear in period 12 only.

• M - Monthly periods.

  The system uses calendar months for monthly, bimonthly, quarterly, semi-annual, and annual billings. You determine the day of the month to use.

• W - Weekly billing.

  The system uses a user-defined specific day of the week or number of days for billing.

You assign billing patterns to the billings that occur automatically, such as recurring billing, interest and fees, and expense participation.