Billing Periods

The billing period is the date range that Applications for Payment can be submitted. While the accounting period covers the dates the work was completed, the billing period is the dates the subcontractor is permitted to submit their Application for Payment.

Billing periods can be set up at the company level or at the project level, and you can adjust them as needed from month to month.

Accounting Periods

The accounting period is the date range that an Application for Payment covers. This is commonly the first day of the month through the last, and isn't something you should change.

When the subcontractor bills for a given month, they are submitting an invoice for the work completed and materials stored (or projected to be completed and stored) over the course of the accounting period's date range.

In each Application for Payment, the Period To value is the end date of the accounting period.