Create Award Billing Schedules
- Create an award without creating the billing schedule for the award. See Create Awards.
- Security:Process: Billingdomain in the Customer Contracts and Project Billing functional areas.
Workday uses the award billing schedule to determine when and how to bill the award sponsors for expenses on your award lines. You must create and approve the billing schedule for an award before you can bill the sponsor for the award. The award billing schedule enables you to specify:
- Billing method, frequency, and installment details.
- Letter of credit draw identifiers.
- Milestone tasks to complete before you can bill the sponsor.
- Payment terms and type.
- Retention terms.
- Whether to bill the sponsor in installments or by transactions.
- Which award lines to bill with the billing schedule.
The billing schedule also enables you to customize and generate installments.
To create multiple billing schedules of the same type quickly, you can use a billing schedule template. See Create Award Billing Schedule Templates.
- Access theCreate Billing Schedule for Awardtask.
- As you complete the task, consider:
Option Description AwardYou can only select awards with at least 1 award line that's not associated with a billing schedule.Create New Billing ScheduleCreate the billing schedule manually.Billing Schedule Template for AwardWhen you create a billing schedule from a template, the billing schedule is indraftstatus. You can edit the draft to customize the schedule header and manage installments before submitting it. - As you complete theBilling and Schedule Informationsection, consider:
Option Description Schedule TypeSelect aPrepaid Billingif you want to either:- Bill on cost reimbursable award lines by installments.
- Enable automatic consumption of prepaid amounts for cost reimbursable award revenue.
Schedule On HoldYou can select this check box to stop billing from occurring for all transactions on the billing schedule.Billing LimitYou can set a billing limit onTransactionbilling schedules for cost reimbursable award revenue.Specify the maximum total amount that you can bill with the billing schedule. When multiple award lines share the same billing schedule, the amounts billed on each award line apply towards the same billing limit.When you don't set a billing limit on the billing schedule, Workday limits your billing amount based on these settings on the award header, in this order:- Billing limit override.
- Authorized amount when you don't specify a billing limit override.
The billing limit on a billing schedule doesn't limit the amount that you can draw down in a letter of credit.Enable Consumption of Prepaid BalanceDisplays when you create a billing schedule for cost reimbursable award lines with prepaid installment billing.Select this check box to apply cost reimbursable spend to prepayments. Workday:- Debits the cost reimbursable amount from the Deferred Revenue account.
- Credits it to the Unbilled Receivable account.
Do Not Bill Over Installment TotalDisplays when you create anInstallmentbilling schedule withPrepaid Billingschedule type.When you want to associate anInstallmentbilling schedule with a cost reimbursable award line to enable cost reimbursable expenditures to consume installments paid by the sponsor, you can select this check box to ensure that you don't create invoices over the installment amount regardless of the spent amount.When there's:- Insufficient prepayment balances, Workday generates a partially billed customer invoice.
- No more prepaid balances, Workday doesn't create a sponsor invoice for the cost reimbursable transaction.
MilestoneDisplays when you selectInstallmentfrom theBilling Typeprompt.When you assign a billing milestone task, the task applies to all installments on the billing schedule. To assign billing milestone tasks to specific installments, first generate all the installments, then select from the related actions menu of the installment.You can configure award tasks as billing milestones when you create an award task list for the award. To select billing milestone tasks, your award schedule must be indraftstatus.Billing MethodWhen you selectInstallmentfrom theBilling Typeprompt, you can specify how and when you want to bill the installments.When you select eitherCustomorDefined Installment, you can further configure the installment dates and amounts on the next page. - When the award contains a letter of credit, you can view and complete theLetter of Credit Detailssection, and consider:
Option Description Letter of CreditDisplays the letter of credit on the award header.Letter of Credit Draw IDTo draw on letters of credit at a more granular level than the award, select or create a draw ID for the billing schedule.When you don't assign a letter of credit draw ID on any billing schedules on your award, you can record drawdowns at the award level.Assigning a draw ID to the billing schedule enables you to view and adjust letter of credit draw amounts for award lines on the billing schedule.You can associate a draw ID with 1 or more billing schedules for the same award.You can't add, change, or delete a draw ID from a billing schedule when another billing schedule event business process is in progress for the same award.Use the draw ID only when the sponsor requires you to draw down at a finer granularity than the award level. - In the grid, assign 1 or more award lines to the billing schedule.
- On theView Billing Schedulepage, you can access subtasks to further define the billing schedule. The subtasks you can access depend on what you select for theBilling TypeandSchedule Type. The subtasks are:
Option Description Edit Schedule HeaderTo make changes to any header information on theView Billing Schedulepage, select this subtask.Edit Retention TermsYou can specify the percentage and release date of a retention for cost reimbursable or fixed amount award lines.Define Installment AmountsWhen you selectDefined Installmentin theBilling Methodprompt, use this option to specify the amounts on the first and last installments. Workday divides the remainder among the other installments.Generate InstallmentsUse this option to generate installments after you define the installment amounts and customize any installment dates.Customize InstallmentsWhen you selectCustomin theBilling Methodprompt, use this option to customize the invoice dates for each of the installments.Manage MilestonesYou can define date milestone types for transaction billing schedules for cost reimbursable awards. Workday prevents you from billing the sponsors until you mark the milestone as complete. - When you complete a subtask, clickOKto return to theView Billing Schedulepage. When you finish configuring the billing schedule, clickSubmitto change the status of your billing schedule fromDrafttoApproved. You can also submit or further edit the billing schedule from the related actions menu of the billing schedule on the award.
- Create customer invoices to bill the sponsor. To create invoices for grouped awards, access theCreate Invoices for Cost Reimbursable Award Transactionstask.
- To create the billing schedule as part of an award creation process, addAward Billing Schedule Eventas a subprocess on theAward Eventbusiness process after the completion step.