Billing & Payment Terms
Qkrsales provides a comprehensive billing and payment management system that allows businesses to create and manage billing plans for each customer order. Billing plans can be based on milestones, periods, or have no billing schedule at all. The software tracks each bill due date and payment due date for each bill plan, milestone, and payment term, ensuring timely billing and payment collection.
In addition to billing plans, Qkrsales also tracks payment terms for each customer order. Payment terms specify the payment schedule for each bill plan and can be based on milestones and periods. The software tracks each bill due date and payment due date for each bill plan, milestone, and payment term.
Qkrsales provides a comprehensive view of all billing and payment information, enabling businesses to keep track of their billing and payment schedules, and ensuring no delays in billing.
Types of Billing Plan
Period Based Billing Plan
Period based billing plans are used where recurring billing has to be done periodically such
Milestone Based Billing Plan
Milestone Based Billing Plans are used when billing is to be done on completion of a Milestone such as
There could even be periodic billing after completion of a milestone
No Billing Schedule
No Billing Schedule is used when there is no dependency of billing on any Milestone or Period.
It does not mean there is no time limit for completion, for example delivery can be governed by the due date of delivery milestone and LD calculated as per LD terms.
A single order can have multiple billing plans of any 3 types.
Payment Terms
The Billing Plans are used to specifty only the “billing” terms i.e. how bills are to be raised; whereas payment terms tell how payment is going to be released against each bill.
Payment against a bill plan may be based on milestones & periods such as
Qkrsales tracks each bill due date and payment due date for each bill plan, milestone and payment term.