Costpoint Online Help

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Billing

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 supporting schedules for labor or other costs for standard bills only. Costpoint also provides standard billing computations and formats for billings to the United States government. If you use the government's Invoicing, Receipt, Acceptance and Property Transfer (iRAPT) system, you can create an FTP file to upload your invoices to the iRAPT (standard bills and progress payment bills only).

You can also invoice using ACRN (Accounting Classification Reference Number) data at the billing level for projects that are calculated using the Calculate Standard Bills application (standard bills only). Manual and progress payment invoices are not included. Note that Costpoint's ACRN functionality is compatible with iRAPT functionality but only for standard invoices.

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.

Warning: Costpoint has four new tables that improve the processing performance of the Compute Revenue and Calculate Standard Bills applications. If you are upgrading from Costpoint 5.x, you must run the Synchronize Project Performance Tables utility to add existing project data to the four new tables. You must also run this utility if you upload data using scripts. You may also want to run this utility at month end, before calculating revenue or standard bills, to ensure that the performance tables are in synch. Please see the documentation for the Synchronize Project Performance Tables utility for more information.

The new tables are: Project Hierarchy (PROJ_HIERARCHY), Source Project Mapping (PROJ_SRCE_PROJ), Invoice Level Mapping (PROJ_INVC_PROJ), and Revenue Level Mapping (PROJ_REV_PROJ).

Types of Bills

The types of bills are:

  • 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 (non-project specific) or unit prices by Contract Line Item (CLIN)/project; 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 on the Manage CLIN Information screen
  • Multiplier Billings
  • Scheduled Billings
  • Cost Plus Fixed Fee (for example, Form 1035 billings)
  • Cost Plus Fee on Hours
  • Milestone/Percent Complete
  • Progress Payments (Form 1443)
  • EAC (Estimate at Completion) or ETC (Estimate to Complete)

Special Features

Costpoint Billing has the following special features:

  • 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 or project-specific CLINs 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 modifications 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 or project-specific CLINs (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 is calculated and printed 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.