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Invoice Cycles

Owned by Kyle Niekamp
Last updated: 06 23, 2022 by Claire Aleman

Overview:

The Invoice Cycles window allows you to set up and maintain codes and descriptions that represent billing cycles you use for invoicing.

You can use Invoice Cycles to define various periods and times when you want to generate invoices for income generating job items. For example, by establishing a number of different Invoicing Cycles, you can have PENTA bill:

  • One quarter of your active jobs per week (four cycles, each of which bills one fourth of the total jobs).
  • Job labor on a weekly basis, materials on the 15th of the month, and expenses at the end of the month (three cycles, each selecting different items to invoice).
  • Fixed price jobs on the 20th and T&M work the day after payroll processing.
  • Separate invoice cycle(s) for each billing coordinator to their jobs as required.

You can set up any combination of Invoicing Cycles to meet your billing needs, then assign entire jobs or parts of a job to any of these cycles.

PENTA uses Invoicing Cycle numbers to determine the jobs and associated contract line items it should select for billing when you begin invoice processing. When you initially set up a job or a job contract line item that you want to appear as a line on the invoice, you assign it an Invoicing Cycle number. To begin processing invoices, simply enter the number of the cycle you want to bill. PENTA automatically selects all jobs and line items to which you assigned the cycle number, then generates your invoices.

It is important to note that, although Invoice Cycle numbers and descriptions represent your various billing cycles, a cycle number and description do not correspond to any particular date (such as the 15th or 30th of the month). It is your responsibility to ensure invoices are actually generated at the proper time.


Benefits:

  • Streamlines the job billing process by batching up jobs into Invoice Cycles limiting the amount of time the billing process needs to be run

Roles:

  • Accounts Receivable Manager

Location:

  • Billing & Accounts Receivable > Setup > Invoice Cycles

Video:

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