NetSuite Project Billing Quick Reference Guide PDF

Project Billing Quick Reference Guide Navigating the Quick Reference Guide There are several ways to navigate this Quick Reference Guide (QRG): 1) Click a link in the Table of Contents. 2) Use the Microsoft Word Navigation Pane: a. Activate by navigating to View and check...

Project Billing Quick Reference Guide Navigating the Quick Reference Guide There are several ways to navigate this Quick Reference Guide (QRG): 1) Click a link in the Table of Contents. 2) Use the Microsoft Word Navigation Pane: a. Activate by navigating to View and check Navigation Pane. b. Click the area of interest. Process Diagram This document contains proprietary information and is protected by copyright and other intellectual property laws. This document may be reproduced, modified, and/or distributed within the Customer’s organization solely for the Customer’s internal training purposes in connection with its authorized use of the applicable Service; provided that the Customer acknowledges and agrees that Oracle NetSuite is not responsible for any aspect of modifications made by the Customer in accordance with the preceding sentence. Please be advised that any other reproduction, modification, and/or distribution of all or any part of this document is strictly prohibited without Oracle NetSuite’s prior written consent. Copyright © 2022, Oracle and/or its affiliates. NetSuite Version 2022.1 Table of Contents Quick Reference Guide......................................................................................................................................1 Navigating the Quick Reference Guide......................................................................................................................... 1 Process Diagram............................................................................................................................................................ 1 Table of Contents..............................................................................................................................................2 Standard Project Billing................................................................................................................................................. 3 Time and Materials................................................................................................................................................. 3 Fixed Bid, Milestone................................................................................................................................................ 5 Fixed Bid, Interval................................................................................................................................................... 8 Invoice Sales Orders.............................................................................................................................................. 10 Bill Costs to Customers......................................................................................................................................... 11 Create a Standalone Invoice for Billable Project Costs......................................................................................... 12 Charge-Based Billing.................................................................................................................................................... 15 Generate Charges................................................................................................................................................. 15 Manage Pending Charges..................................................................................................................................... 15 Generate a Project Invoice.................................................................................................................................... 16 Invoice Billable Customers.................................................................................................................................... 17 Generate Forecasted Charges............................................................................................................................... 19 Key Reports.................................................................................................................................................................. 20 Review Standard Reports...................................................................................................................................... 20 Quick Reference Guide 2 Standard Project Billing NetSuite provides flexible options for standard project billing. In NetSuite, standard project billing types include: Time and Materials Fixed Bid Interval Fixed Bid Milestone Time and Materials Use the Time and Materials billing type to bill customers for actual time worked on a project and material costs. Estimates and sales orders that include project service items can be billed on a Time and Materials basis. This enables you to use the Bill Next button, Bill Sales Orders link, or the bulk Bill Sales Orders page to process billing, and to view time and materials revenue forecasts. Steps 1) OPTION A: Perform a Global Search to locate Project record. a. On the Project record, scroll down to the Schedule subtab. b. In the Project Tasks/ Milestones sublist, confirm the following fields: o Name o Service Item o Planned Work Notes: In order to bill a Time and Expense project, resources must be assigned to project tasks on the project Schedule subtab. The Service Item and Planned Work hours from project tasks provide the billable estimate for the order. 1) OPTION B: On the Sales Order generated from a project, navigate to the Items subtab. a. Confirm the following fields: o Item o Description o Quantity Quick Reference Guide 3  o Price Level o Rate o Amount Notes: All Service Items are automatically added to the order. The Quantity represents the combined Planned Work hours assigned to a Service Item for all project tasks. b. Click [Next Bill]. Note: As time is entered and approved for a project, you can bill the customer directly from the sales order. c. On the Invoice page, confirm the following: o Project o Created From Notes: The project is automatically added to the Invoice. The Created From field provides a link to the originating sales order. d. Navigate to the Items > Billable Time sublist. Notes: The sublist displays all approved time entries for the billing cycle, including the Date, the Employee or Vendor, the associated Service Item, and number of hours. All unbilled time entries are applied to the invoice by default. e. Unselect Apply to remove a Time Entry from the invoice. Note: If you remove a time entry, the entry remains in the unbilled queue and is added to the next invoice. f. Enter the Rate to manually update. Notes: The Rate is populated from the Service Item record. Quick Reference Guide 4  If you update the Rate, the new rate will be applied to all time entries associated with the matching service item. g. Enter the Description for each Service Item. h. Select the Communication subtab. i. On the Messages sublist, select the following: o To Be Printed o To Be E-Mailed Note: NetSuite automatically adds default preferences from the Customer record. o To Be Faxed j. Click [Save]. Notes: The standard Time and Materials billing, NetSuite does not prohibit you from billing more hours than the original order. If you need to limit the number of hours billed to a client, you can do so with Charge-based billing. k. Click [Generate PDF] if you would like to review the invoice. l. Select the standard browser options to Save or Print the invoice. Note: If you would like to customize the format of an invoice, search SuiteAnswers and other training resources for information on creating custom PDF templates. Fixed Bid, Milestone Milestone projects bill customers for amounts based on reaching preset goals, or billing milestones in the project. Milestones mark a point in time that must be reached to trigger the associated billing. Then, you invoice customers for a portion of the total project amount. Steps 1) Perform a Global Search to locate Project record. 2) Navigate to the Financial subtab. Quick Reference Guide 5  Note: To use Fixed Bid, Milestone billing, you must have at least one milestone on the project schedule. 3) On the Billing Information section, select the Billing Schedule. Notes: Both the Billing Item and Project Price are defined. The Billing Schedule defines when and how often to bill the customer. 4) Confirm the Initial Amount. Note: If the billing schedule specifies an initial amount, that amount is ready to bill when the billing schedule is saved. 5) Confirm or enter the following: Amount Payment Terms Task/Milestone Notes: For each milestone, the billing schedule defines the amount to bill, the payment terms, the milestone that will trigger billing, and the estimated completion date. A milestone becomes available to bill when that milestone is set to completed. Estimated Completion Date Completed Actual Completion Date Comment 6) On the Home Dashboard, Reminders portlet, select Milestone Due. 7) Select the following in the Filters section to narrow down: End Date Note: When you filter by date, the list displays all milestone tasks with an End date within the specified range. From Quick Reference Guide 6  To Project Style 8) Click Edit. 9) Select the Status. Note: To set a milestone task as complete, update the Status to Completed. 10) Click [Save]. 11) Locate the Sales Order and navigate to the Items subtab. 12) Confirm the Rate. Note: The Rate is populated from the project record. 13) Click [Next Bill]. Note: Click Next Bill to bill the customer manually from the Sales Order. 14) On the Invoice page, navigate to the Items > Items sublist. 15) Confirm the Quantity. Notes: The Quantity indicates the amount to bill for the completed milestone, as defined on the billing schedule. NetSuite calculates the invoice Amount from the Quantity and Rate. 16) Confirm the Rate. Note: The Rate is set to the Project Price from the Project record. 17) Confirm the Amount. 18) Select the Communication subtab. 19) On the Messages sublist, select the following: To Be Printed To Be E-Mailed To Be Faxed Quick Reference Guide 7  20) Click [Save]. 21) On the Sales Order page, navigate to the Items subtab. 22) Confirm the Invoiced. Notes: NetSuite updates the Invoiced column with the total percent billed to date, based on the milestones that are defined on the billing schedule. Continue to bill the customer as additional milestones are completed for the project. Fixed Bid, Interval Fixed Bid, Interval billing schedules allow you to invoice customers at predefined intervals. This schedule type bills in arrears only. You can specify an initial amount, recurrence frequency, payment terms, and the type of time entries to bill for these schedules. Steps 1) Perform a Global Search to locate Project record. 2) On the Project record, navigate to the Schedule > Project Tasks/ Milestones sublist. 3) Confirm the Start and End Date. Notes: Similar to Time and Materials billing, to bill customers using Fixed Bid, Interval project billing, resources must be assigned to project tasks on the project Schedule subtab. Billing intervals are based on the project Start and End date defined on the project schedule, along with the Recurrence Frequency defined on the billing schedule. 4) Click. 5) Confirm the Recurrence Frequency. 6) Select Invoice Actual Time Only, if applicable. Note: If the Invoice Actual Time Only option is selected, NetSuite will only bill the customer for time that is entered and approved within the specified interval. Otherwise, the invoice will also include the Planned Work set for the interval. 7) Click [Back]. 8) Locate the Sales Order and navigate to the Items subtab. Quick Reference Guide 8  Note: On the Sales Order page, you track Fixed Bid, Interval billing from a single Service Item that is assigned a Fixed Bid, Interval Billing Schedule. 9) Confirm the Rate and Amount. Note: The Rate and Amount is populated from the project record. 10) Navigate to the Billing > Schedule sublist. Notes: The Schedule sublist displays the bill Date and Amount for each interval. If you are billing for Actual Time only, the Amounts listed on the schedule are estimates based on Planned Time. But, only hours for actual work will be included on the invoice. 11) Confirm the Date and Amount. 12) Click [Next Bill]. 13) On the Invoice page, navigate to the Items > Items sublist. 14) Confirm the Quantity and Amount. Notes: The amount billed is based on the current interval defined on the billing schedule. The Quantity is the percent complete as of the bill date. 15) Select the Communication > Messages sublist. 16) Select the following: To Be Printed To Be E-Mailed To Be Faxed 17) Click [Save]. 18) Back to the Sales Order page, navigate to the Items subtab. 19) Confirm the Invoiced. Notes: The Invoiced amount is updated. Quick Reference Guide 9  With Fixed Bid, Interval project billing, the Invoiced amount represents the percent complete of the project as of the invoice date. Continue to bill the customer at each defined interval, per the billing schedule. Invoice Sales Orders To streamline the project billing process, use the Invoice Sales Order page to bill customers for project work. When an order includes completed work that is ready for billing, the sales order automatically displays in the bulk Invoice Sales Order queue. The billing type and frequency on the project billing schedule determines how often and under what circumstances the project is billed. Steps 1) On the Home Dashboard > Reminders portlet, click Sales Orders to Invoice. 2) On the Invoice Sales Orders page, select a Customer to filter the list of sales orders for a particular customer. 3) Confirm or select the Posting Period in which to post the transactions. 4) Confirm or enter the transaction Date. 5) In the Next Bill On Or Before field, enter a date to filter the list by the order billing date. 6) (Optional) Select if you want to queue invoices To Be Printed. 7) (Optional) In the To be Emailed field, select if you want to email invoices to the customer. Note: You can manage customer preferences on the Customer record, under the Communications subtab. 8) Specify an A/R Account, where the payment posts once the invoices are paid. Notes: The default is Use System Preference which pulls the information from global company preferences but you can select Respect Customer Preference to pull the account from the Customer record. You can also select a specific account for this set of transactions. 9) Select Include Unlinked Charges to include project charges that are not linked to a sales order. Quick Reference Guide 10  10) Select Credit Card Approved to include charges that have already processed credit card charges outside of NetSuite. 11) Scroll down to the Orders subtab. 12) (Optional) Confirm the Order Type if invoice or cash sale. 13) (Optional) Click the Order Date to review the sales order before generating the invoice. OR Click the Invoice under Process column. 14) Click [Submit]. 15) Click [Refresh] to view status updates. 16) Click Complete to see the results of the process. Note: The Result Record column includes a link to each Invoice that was generated. and the Record column includes a link to the originating sales order. Bill Costs to Customers If you incurred additional costs during a project, such as travel expenses or you purchased items on behalf of the customer, you can add the billable costs to the project invoice at the time of billing. For costs to appear on the invoice, you must first enter the billable costs into NetSuite. Transactions can include expense reports, purchase orders, vendor bills, checks, and credit card payments. Steps 1) On the Invoice Sales Orders page, select the Customer. 2) Navigate to the Orders subtab. 3) Click the Invoice under Process. 4) Confirm the Project. Notes: The Sales Order is associated with a project, the project is automatically linked to the Invoice. When a project incurs additional costs, you must manually add the line items to the invoice. 5) Navigate to the Items > Billable Expenses sublist. Quick Reference Guide 11  Notes: Additional billable costs for a project can include billable items and billable expenses. A small dot to the right of the sublist name indicates that there are costs. When you generate an invoice from a sales order, approved Billable Time is automatically included on the invoice as defined on the billing schedule, noted by the amount. 6) Click the Date to review the expense details. 7) Select the Apply to include on the invoice. Note: Click [Mark All] to include all expenses. 8) Navigate to the Communication > Message sublist. 9) Select the following: To Be Printed To Be E-Mailed To Be Faxed 10) Click [Save]. Create a Standalone Invoice for Billable Project Costs If your business does not require a sales order, you can bill all project costs to customers using a standalone invoice or cash sale. In a similar way, set all time entries, purchased items, and expense line items as Billable to the customer project when you enter the costs. Then, when you create a customer invoice, all billable time, items, and expenses appear as Billable. Steps 1) Perform a Global Search to locate the Create Invoices page. 2) On the Primary Information section, select the Date. 3) Select the Customer. 4) Select the Project. Note: NetSuite will automatically pull all approved, unbilled costs for the selected project onto the invoice. Quick Reference Guide 12 5) Select the Currency. 6) Enter the PO #. 7) Confirm the Due Date. 8) Select the Form. 9) Select the Terms. 10) Select the As Of Date. Notes: The As Of Date is the date the system uses to determine what charges appear as billable on this invoice. The As-Of Date can be different from the invoice date. 11) Navigate to the Items > Billable Expenses sublist. Notes: A small dot to the right of the sublist name indicates that there are billable costs within. The Billable Expenses sublist displays all expense reports billed to this customer that have Accounting approval. 12) Confirm the Original Amount. 13) Enter the Bill Amount. 14) Select the Discount/Markup if applicable. Note: This is true whenever you add billable costs to an invoice. 15) Select Taxable if applicable. 16) Select Print if applicable. 17) Click the Date to review an Expense Report. 18) Select Apply to include on the invoice. 19) Navigate to the Billable Time. 20) Click the associated Date to view the details of a time entry. 21) Select Apply to include on the invoice. Note: Click [Mark All] to include all entries. Quick Reference Guide 13 22) Select the Discount/Markup if applicable. 23) Select Apply Before Tax if applicable. Note: If you enter a Discount or Markup, select Apply Before Tax to apply the discount or markup you enter before taxes. 24) Select Print if applicable. 25) Navigate to the Communication > Messages sublist. 26) Select the following: To Be Printed To Be E-Mailed To Be Faxed 27) Click [Save]. Notes: Follow a similar process to invoice this customer as additional costs are entered against the project. You can also use the Invoice Customers page to invoice billable costs in bulk. For projects that are associated with a Sales Order, it is recommended to use the Invoice Sales Order page to manage project billing to ensure the order is linked with all billable costs. Quick Reference Guide 14 Charge-Based Billing Charge-Based Billing lets you create charges that you can bill to your customers. When used with the Project Management feature, you can apply rules to generate charges that are included on project invoices. Generate Charges Actual charges are amounts calculated from charge rules and can be billed to customers. Actual charges are generated daily for updated projects that have a status of In Progress. For milestone and project progress rules, charges are generated when a milestone is marked completed. Steps 28) Perform a Global Search to locate the Project record. 29) Navigate to the Financials subtab > Charge Run History sublist. 30) Click [Generate Charges]. Note: Generate Charges and the Forecast Charges buttons are not visible when the project is in Edit mode. 31) On the information banner, the estimated time to generate charges displays. Click Reload Project. 32) Navigate to the Charges sublist. 33) Select “Pending” on the list View. 34) The new charges are now on the list. You can now review the charges and decide how to manage them. Manage Pending Charges Steps 1) Perform a Global Search to locate the Project record. 2) Navigate to the Financials subtab. 3) On the Charges Summary section, click the Pending amount. 4) On the Manage Pending Charges page, review each pending charge. 5) Select the checkbox next to charges. Option A: Click [Mark for Hold] for charges in the Ready stage you do not want to bill. Quick Reference Guide 15  Note: You cannot add charges that are On Hold to an invoice until they are set as Ready. Option B: Click [Mark Non-Billable] to report non-billable charges. a. A prompt will ask you to proceed. Click [OK]. Option C: Click [Zero Out Charges] to zero out the amount, while the charge remains in the same stage. 6) When you are finished, click the project link to return to the project for invoicing. 7) Navigate to the Financial subtab and confirm the total amount Ready for Billing. Generate a Project Invoice You can create invoices individually from the Project record using the Create Invoice page. You might choose this option in special circumstances or when an invoice must be generated at a non-standard time. You can also generate invoices on the Invoice Billable Customers page, which is the more common method of creating invoices in a standard invoicing process. Steps 1) Hover over Create New and select Invoice. 2) Confirm or edit the posting Date of this invoice. Note: This is set to today’s date by default. 3) The Customer and Project are automatically populated from the Project record. 4) Select the accounting period in the Posting Period field. Note: You cannot post to a closed period. 5) Review the As-Of Date. Notes: This is the date the system uses to determine what charges appear as billable on this invoice. The As-Of Date can be different from the invoice date. 6) Navigate to the Items subtab. 7) Click [Add Charges to As Of Date]. Quick Reference Guide 16  Note: The Charges that are ready to bill are added to the invoice organized by service item. 8) Click [Save]. Steps to Print an Invoice 1) On the Invoice record, hover over and click Print. 2) A PDF file displays. Click the printer icon. Note: Search SuiteAnswers and other training resources for information on creating custom PDF templates for your business. Steps to Email an Invoice 1) On the Invoice record, click. 2) Navigate to the Communication subtab. 3) Select To Be E-Mailed and enter the email address. 4) (Optional) Select a Message template OR enter a customized Customer Message. 5) Click [Save & Email]. Invoice Billable Customers The Invoice Billable Customers page is the recommended process for invoicing customers for projects that are not linked to sales orders. Besides charge-based projects, you can also use the Invoice Billable Customers page to generate bills for projects that use the Bill Costs to Customers feature. Steps 1) Perform a Global Search to locate the Invoice Billable Customers page. 2) Confirm or edit the Invoice Date. Note: This is set to today’s date by default. 3) Select the target Accounts receivable account in which to post the invoices. 4) Select an invoice Form to use. Quick Reference Guide 17  Note: Search SuiteAnswers and other training resources for information on creating custom PDF templates for your business. 5) Select the options to deliver the invoices to customers: To Be Printed To Be Emailed To Be Faxed Notes: You can set these fields to Yes, No, or Respect Customer Preference. Best practice is to leave these fields set to Respect Customer Preference. To change the customer preference, go to the Preferences subtab of the Customer record, in the Send Transactions Via section. 6) Select the billable transaction types you want to include on the invoice: Expenses Items Charges Time 7) Select Credit Card Approved if the transactions you select have already processed credit card charges outside of NetSuite. 8) Select Show Invoices to see the invoices to be processed. Clear to only see a summary of the invoices to be processed. 9) In the Summary section, filter the bill date range as needed. The projects available for invoicing are listed, along with the amount and currency for billing. 10) Click the Invoice link to create each invoice individually. 11) Click [Save]. Steps to Process Invoices in Bulk 1) Select the checkbox next to the Invoices to process. Tip: Select the checkbox at the top of the list to select all invoices. 2) Click [Submit]. Quick Reference Guide 18  3) On the Process Status page, note the Submission Status column. 4) Click [Refresh] until the Submission Status is Complete. Note: Click Error in the Message column for issues. 5) Click Complete to see a list of the processed invoices. 6) On the Processed Records page, click an invoice in the Result Record column to confirm that the invoice was created. Generate Forecasted Charges Use Forecast Charges to calculate forecast amounts on reports and in the Cost, Revenue, and Profit Estimate fields on the Project record. NetSuite automatically generates forecast charges whenever you save a project plan or task, track time, or create a new charge rule. Forecast charges use planned work and future fixed-date rules as the basis for forecasts. You can also generate forecast charges manually at any time. Steps 1) Perform a Global Search to locate the Project record. 2) Navigate to the Financials subtab > Charge Run History sublist. 3) Click [Generate Forecast]. 4) On the information banner, review the estimated time to generate charges. Click Reload Project. 5) The forecasted charges are now listed on the charge run history and will be incorporated into forecasting reports. Quick Reference Guide 19 Key Reports Review Standard Reports The Project Billing reports help Project Managers, Operations, and Accounts Receivable staff stay current with billing obligations. Navigate to the Project Billing reports and review the following available reports: Project Billing Report Project Charges Forecast Report Unbilled Cost by Customer Report Unbilled Time by Customer Report Steps 1) Navigate to Reports > Projects. OR Navigate to Reports > Time & Billables. 2) Select an available report from the list above. 3) Select any footer options. 4) If you modified any filter options in the footer, click [Refresh]. 5) Click View Detail to review the detailed report. Note: Only some reports are available in more detail. Quick Reference Guide 20