Managing Assets

After you finalize a proposal and accept a customer’s order, you can activate purchased orders as the customer’s assets. Every time you create an asset-based order, you must already have assets installed on the account. You must create a new quote to cancel or amend each asset-based order.

You can begin creating an asset-based order by creating a quote on the account that contains the installed products or assets. After you create the quote, go to the product cart, click Installed Products, and select one of the following actions:

Renew
Terminate
Swap
Change

Each action results in a change in the existing Billing Schedule, Invoice Status, and the Bill Cycle Start and End Date for that asset line item or installed product.

Let’s first understand the impact of each asset action on the status of the invoice. The following table lists the invoice status resulting from asset actions on different states of the billing schedule.

Original Billing Schedule Status	Asset Action	New Billing Schedule Status	Invoice Status
Invoiced and Not Approved	Terminate	Superseded	Draft Obsolete, or Pending Billing if the end period date is before the effective date of cancellation or amendment.
Invoiced and Approved	Terminate	Cancelled	Invoiced cancelled
Pending Invoiced	Swap	Pending Billing	Draft

Renewing an asset impacts the billing schedules because it changes the asset's start date and end date. On renewal, the asset status on the asset line item changes to Renewed. New Billing Schedules will be created based on the new start date and end date.

When you change an asset, you can update values for such fields as Net Price and Selling Term. By default, Conga Billing assigns the start date of the asset line item to the effective date of the change.

Every changed or amended order has a new set of billing schedules that Conga Billing creates automatically and these new schedules depend on the start and end dates that you define for the changed asset line item. When you change an asset, it is critical to align the bill cycle start date with the asset line item's billing preference. The following table lists the Bill Cycle Start options and the values you must enter.

Bill Cycle Start Option	Value
Billing Day of Month	Enter the billing day of the month defined in the Billing Preference for this asset line item.
Account Billing Day of Month	Enter the day of the month specified for account billing in the asset line item's Bill To account.
Period Start Date	Enter the start date you defined for the original asset line item.
Ready for Invoice Date	Enter the ready-for-invoice date that you defined for the new asset line item.
Order Date	Enter the new order's order date.

Let us now understand the impact of each asset action on Billing Schedules and how you can manage this change.