A NetSuite Billing Schedule is an automated process that enables you to create recurring invoices or other transactions, such as cash sales or customer deposits, at predetermined intervals. It allows you to schedule specific transactions to be created and sent to customers on a regular basis. You can customize the frequency and timing of the schedule and the associated transactions. The billing schedule can be used to help streamline your accounts receivable process and make it easier to track customer payments.
1. Create a Billing Schedule: To create a billing schedule, go to the Transactions tab in NetSuite and select “Billing Schedule” from the drop-down menu.
2. Configure the Billing Schedule: You will then be asked to configure the schedule. Choose the customer, the frequency of the billing schedule, the billing period, and the date the billing is due.
3. Enter the Billing Details: On the next page, you will be asked to enter the details of the billing schedule. Enter the amount to be billed, the payment terms, and the payment method.
4. Submit the Billing Schedule: Once you have filled out all the information, click Submit to save the billing schedule.
5. Generate the Invoice: NetSuite will generate an invoice automatically on the due date of the billing schedule.
6. Send the Invoice: Once the invoice is generated, you can send it to the customer via email or print it out and mail it.
7. Receive Payment: Once the customer pays the invoice, the payment will be applied to the billing schedule. You can view the payment status in the Billing Schedule page.