Billing frequencies are set on the Award Invoicing tab to indicate when an award should be invoiced. New values cannot be created without technical assistance. Following are the delivered values. The description and grace period can be edited.
The Grace Period determines the number of days after an invoice is eligible to be created that the invoice will be created.
We recommend setting the Predetermined Billing Schedule, Milestone and LOC Billing Grace Periods to 0, so that invoices will be created when the completion dates or bill dates are today or earlier. LOC Invoices are created on demand and do not need to have a grace period set.
The other Billing Frequencies: Annually, Monthly, Quarterly and Semi Annually are used by Cost Reimbursable invoices and the grace period should be set to the number of days needed after the end of the billing period to make any adjustments prior to invoice generation.