A billing period is used exclusively for billing purposes and calculating fees. Billing periods can coincide with academic years and terms/sub-terms or be used in conjunction with less traditional section or class dates. This flexibility allows you to set up non-traditional billing schedules as well as traditional billing periods aligned with years and terms.
Although a billing period pertains chiefly to Accounts Receivable (AR), it does have an impact on Registration (RE). When a student registers for a course, the billing period is recorded in the Student Course History table.
There are three types of billing periods.
· Standard billing periods are defined for fees that are not charged annually or on a one-time basis. These can include course and non-course charges, activity fees, room and board, etc.
· Annual billing periods are defined for fees that are typically charged to the student once a year. These can include insurance costs, parking passes, library, laboratory, and recreation center resource fees, instrument usage charges, etc.
· Lifetime billing periods are defined for fees that are typically charged to the student once. These can include application, transcript, graduation fees, etc.
Working with Billing Periods in Accounts Receivable