Use the Billing Control Panel to create and process receivables, generate invoice and close fiscal periods all in one screen. Billing Entities should be set up and configured for a company in order to use the Billing Control Panel.
Generate Receivables: Generates a receivable batch for that Billing Entity. The receivables generated will be of the types selected on the panel. The Billing Settings at the Billing Entity level will dictate default behaviors for the batch. The Up To & Including date on the screen works as it does for a normal batch.
Process Receivables: Processes all receivable batches for that Entity up to the end date of the Fiscal Period, or the Up To & Including Date (whichever is sooner).
Generate Invoices: Generates and creates invoices for the Billing Entities selected. Billing Settings and Up To & Including Date work as with receivable generation. Note: Receivables included in an invoice are based on the date that the receivable was created. If you generate a receivable for the 25th of September, but the current date is 5th November, the receivable is only eligible to be included in invoice batches where the 5th of November is included as a date.
Close Fiscal Periods: The selected Fiscal Period will be changed from Active to Closed. The next chronological fiscal period in the Billing Entity with status Future will be moved from Future to Active. If any previous steps in the process (e.g. Process Receivables) fails to complete, the Close Fiscal Periods action will also fail to allow for error correction.
Things to Note
Closing Fiscal Periods for a specific timeframe can only be done if the company have Fiscal Periods configured. Each Fiscal Period will show as its own row on the panel. If the company does not have Fiscal Periods configured, they can still process receivables and generate invoices in the Billing Control Panel.
A Billing Entity will not appear in the panel if there is no active fiscal period.