For Asset-based transactions, when you renew an asset, the billing schedules for the renewal contract term are created based on the existing billing plan.
Use Case: Billing Schedules for Asset Renewals
Description: This use case describes how billing schedules are auto-created for the renewal term using the existing plan of the asset.
Suppose you are a billing administrator of a company selling software services and you need to renew your customer's subscription service for another year.
The customer was initially billed in 3 installments and the billing plan was configured as follows:
Billing Plan Name
Plan Type
Billing Method
Number of Installments
Billing Plan BP1
Full Term
Amount
3
Pre-requisite: Make sure the quote is associated with an appropriate billing plan and the asset is activated.
Before renewal, you see the following billing schedules:
Billing Schedule
Period Start Date
Period End Date
Ready for Invoice Date
Fee Amount
Status
BS1
1/1/2019
31/12/2019
15/1/2019
$375,000
Invoiced
BS2
1/1/2019
31/12/2019
10/6/2019
$375,000
Pending Billing
BS3
1/1/2019
31/12/2019
22/9/2019
$375,000
Pending Billing
Renew the Asset as follows:
Create a new quote for the same account.
Click Config Products.
On the installed products page, select the asset Item and click Renew.
Enter the renewal date as 31/12/2020.
Finalize the Quote.
Activate the order.
Result:
New billing scheules are created as under:
Billing Schedule
Period Start Date
Period End Date
Ready for Invoice Date
Fee Amount
Status
BS1
1/1/2020
31/12/2020
15/1/2020
$375,000
Pending Billing
BS2
1/1/2020
31/12/2020
10/6/2020
$375,000
Pending Billing
BS3
1/1/2020
31/12/2020
22/9/2020
$375,000
Pending Billing
Manual Billing Flow for Asset Renewals
You can also add a new billing plan or edit an existing billing plan, before accepting the Quote/Proposal. The resultant billing schedules are created based on the new billing plan.
For Billing Term as Full Term, if you click New Billing Plan from the Quote/Proposal detail page, the Billing Plan fields are auto-populated based on your existing billing plan.