Here are all the steps VersiMarket utilizes when establishing NetSuite Billing Schedules for your business
If you’re employing NetSuite to handle your billing, it’s essential to have VersiMarket set up a billing schedule. This feature allows your business to automate the billing workflow and conserve time. In this article, we will discuss how to formulate a billing schedule in NetSuite. Let’s dive in!
What Is a Billing Schedule?
The Billing Schedule in NetSuite offers an efficient approach to manage your billing tasks. It enables you to create, view, and modify invoices and bills from one centralized location.
Furthermore, you can utilize the Billing Schedule to process payments and monitor customer interactions with payments.
In addition, the Billing Schedule delivers numerous features that simplify the management of your billing processes. For instance, you can establish recurring invoices and bills, monitor customer payments, and handle credit card transactions.
Create a Billing Schedule in NetSuite
In NetSuite, you have the capability to create various billing schedules for distinct types of customers. This can be beneficial if you have clients you invoice on a regular basis, such as monthly or quarterly.
To create a new billing schedule, navigate to Lists > Accounting > Billing Schedules > New. From there, you will be prompted to provide the name of the billing schedule and the frequency at which invoices will be generated.
You can also determine the due date and terms for the invoices. After entering all pertinent information, click Save & Close to finalize the new billing schedule.
- Name: In this section, provide a name for your scheduled billing. The same designation will appear on the sales order, making it a required field.
- Initial Amount: This represents the figure that will appear on the first invoice produced by this billing schedule. This is a necessary field.
- Initial Payment Terms: These conditions will apply to the first invoice generated by this billing schedule. This is essential, and the available options in the dropdown will depend on the terms established in NetSuite.
- Recurrence Frequency: This field dictates how frequently invoices will be issued. The selectable options will vary based on your organization’s billing requirements. This is a required field.
- Recurrence Count: This count indicates the number of payments you wish to split the total amount into, ranging between 2 and 36.
- In Arrears: Selecting this option will initiate the first invoice on the day after the bill date instead of on the bill date itself. This is advantageous if you wish to offer customers a grace period before their first invoice is due.
- Recurrence Payment Terms: These terms will govern all invoices generated by this billing schedule, making it another required field. The options in the dropdown will reflect the terms you have configured in NetSuite.
Apply for Sales Order
You can attach a billing schedule to a sales order. The invoicing schedule can be applied to any item on the sales order line, affecting the entire order. This is useful when dealing with multiple items on an order and wanting to keep track of billing timelines for each item.
Viewing the Billing Schedule
The overall recurring billing schedule can be accessed under the Billing > Schedule subtab. This tab presents the complete recurring billing schedule that has been established. From this section, you can view the upcoming charge date, the last charge date, the status of the schedule, the total amount to be charged, and the billing frequency.
If any modifications are necessary, they can be executed from here as well. Simply click on the “Edit” button next to the schedule you wish to amend. You will then have the opportunity to make any required changes and save them. This is an excellent method to monitor your recurring billing and ensure everything operates smoothly.
NetSuite Billing Schedules to Manage Recurring Revenue
Handling recurring revenue can pose challenges. With various components involved, it’s easy for details to be overlooked. That’s where NetSuite billing schedules can be particularly advantageous for businesses.
By automating your billing process and establishing a centralized repository for all recurring revenue data within NetSuite, many clients find that their typical business operations are streamlined effectively.
NetSuite Billing Schedules Save Time
The primary advantage of utilizing NetSuite billing schedules is the significant time savings. With a client’s recurring revenue information consolidated in one place, valuable hours can be saved that would otherwise be spent sifting through spreadsheets or email threads to locate necessary details. Additionally, the automated system allows for a “set it and forget it” approach, reassuring you that everything will be managed without manual effort.
NetSuite Billing Schedules Increase Accuracy
Another notable benefit of utilizing NetSuite billing schedules is the enhancement of accuracy. By allowing VersiMarket professionals to automate the process and centralize the data, you can trust that invoices will always be generated accurately and punctually. This minimizes errors and guarantees that your customers receive correct billing, fostering trust and improving customer satisfaction.
NetSuite Billing Schedules Improve Cash Flow
Lastly, NetSuite billing schedules can enhance cash flow by providing greater insight into your customers’ payment histories. By consolidating data in one place, it becomes simpler to identify which clients are late on their payments, allowing you to take prompt action in collecting overdue invoices.
This increased visibility also enables you to proactively manage your cash flow and strategize on resource investment. If you’re not utilizing NetSuite billing schedules to oversee your recurring revenue, consider exploring options with VersiMarket today to engage with one of our expert consultants.
