A Billing Period defines the billing cycle used by a project's team and payment application contacts on Procore's owner and subcontractor payment applications. In addition to defining the frequency of the billing cycle (for example, monthly or weekly), a billing period also defines the billing cycle's start/end date and an payment application's due date.
Common billing periods include:
Examples of common monthly billing periods are below:
- Starts on the 1st day of a month and ends on the 30th of the same month.
- Starts on the 15th of one month and ends on the 14th of the following month.
Examples of common weekly billing periods are below:
- Starts on Sunday of this week and ends on Saturday of this week.
You have two options to create a billing period in Procore project's Payment Applications tool:
- Automatic Billing Periods. Choose this option when your billing periods have a consistent start, end and due date. For example, weekly or monthly. See Create Automatic Billing Periods.
- Manual Billing Periods. Choose this option when you need to create billing periods for your payment applications and your billing periods are not on a consistent programme. See Create Manual Billing Periods.