A billing period defines the billing cycle used by your project's team and its subcontractors for invoicing. In addition to defining the frequency of the billing cycle (for example, monthly or weekly), a billing period also defines the cycle's start/end dates and an invoice's due date.
Common billing periods include:
Examples of common monthly billing periods are below:
- Starts on the 1st day of a month and ends on the 30th of the same month.
- Starts on the 15th of one month and ends on the 14th of the following month.
Examples of common weekly billing periods are below:
- Starts on Sunday of this week and ends on Saturday of this week.
You have two options to create a billing period in Procore project's Invoicing tool:
- Automatic Billing Periods. Choose this option when your billing periods have a consistent start, end, and due date. For example, weekly or monthly. See Create Automatic Billing Periods.
- Manual Billing Periods. Choose this option when you need to create billing periods for your invoices and your billing periods are not on a consistent schedule. See Create Manual Billing Periods.