Definition: Billing Period
A billing period is a time frame to organize your billing or related payments. It enables you to group activity into a specific period of time for reporting purposes. Typically, it is recommended that a billing period should represent a portion of your fiscal year, but it is not a system requirement to do so. For example, if your fiscal year is 7/1 - 6/30, then you may setup a billing period for 7/1 - 12/31, and a second billing period for 1/1 - 6/30. You can also setup any variation of billing periods if your group has specific needs.
Keep in mind that a billing period and a fiscal year are not the same, and your Billhighway reports will display information based on either billing period or fiscal year, but typically not both.
How to Create a New Billing Period
Depending on your organization's setup, you can add a new billing period by following the steps provided:
Go to My Organization > Organization > Billing Periods
Click Add New Item and choose a name for your Billing Period (Fall 2014, for example). Choose a date range that meets your group's needs. Then click Submit.
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