Costpoint Billing automatically produces the types of standard billings most commonly required by project-oriented organizations, and gives you extensive flexibility to create your own cost-based, hours-based, unit-based, or generic billings. In addition, you can create project product, customer product, manual, standard, and milestone/percent complete bills in any currency. You can print any billing with supporting schedules for labor or other costs. Costpoint also provides standard billing computations and formats for billings to the United States government. If you use the government's Wide Area Workflow (WAWF) system, you can create an FTP file to upload your invoices to the WAWF.
Costpoint Billing is completely integrated with Costpoint Projects, Accounts Receivable, Product Definition, and Sales Order Entry. In the Costpoint Projects folder, revenue can be recognized based on cost-based formulas, hours-based formulas, manual overrides, or on billed amounts, before or after retainage.
When you post bills, relevant information is automatically updated in the Costpoint General Ledger, Accounts Receivable, and Billing History tables. Product billings use the item table and price catalogs found in Costpoint Product Definition.
Time and Materials (T&M) with or without non-labor expenses, burden, and other fees.
Product billings, which include items from price catalogs billed at catalog prices; these billings can be transaction-based - for example, using units transactions recorded via the Unit Usage feature - or based on an automatic billing quantity established in the CLIN Information screen (Projects » Project Setup » Unit Pricing).
Multiplier Billings
Scheduled Billings
Generic billings (similar to Product Billings, but without items from price catalogs).
Cost Plus Fixed Fee (for example, Form 1035 billings).
Cost Plus Fee on Hours.
Milestone/Percent Complete.
Progress Payments (Form 1443).
Offers user-definable billing formats and billing cycles.
Computes cost bills on accrual basis or on cash basis for government contractors subject to the applicable Federal Acquisition Regulations (FAR) requirements.
Uses either project-specific or company-wide "provisional" indirect billing rates.
Allows security by billing user group and project.
Provides for standard text clauses to be printed on bills.
Allows a combination of loaded labor (T&M), cost line items, and items from price catalogs on the same billing.
Offers extensive supporting schedules for both labor and non-labor costs.
Tracks bills by project and customer, or by customer alone if there is no association with a billable project.
Edits bills online before printing.
Offers a retroactive billing feature that allows you to "catch-up" for rate changes retroactive to previously billed items.
Offers a Reverse Previous Billings utility to reverse or void incorrect billings.
Offers a Billing History Inquiry that provides access to previously billed amounts, whether based on costs incurred, loaded labor rates (T&M), or items from price catalogs (product bills). All supporting billing detail is kept in billing history until you decide to purge it.
Offers adjustments to Open Billing Detail that allow you to write off, transfer, hold, or release holds on amounts and/or hours on transactions before computing the bill.
Offers five bill types (Project Product, Customer Product, Standard, Manual, and Milestone Bills) that can use a different currency for billing transactions. You enter bills in your company's functional currency; then, using the Exchange Rates subtask, you select a foreign currency. The bill will be calculated and print in that currency, while your billing and accounts receivable retain information on both currencies. Before running a foreign currency bill, you must initialize additional information in Costpoint Multicurrency such as currency codes and exchange rates.
You can apply billing discounts by account, customer, or project.