Invoice Terms are set of rules that control the details of the invoice such as net days due, when timesheets get invoiced, and how billable charges display on invoices.

This articles guides you through the steps for setting up Invoice Terms.



This Knowledgebase Article is based on information from Confluence Page ID 9043998. If updated, please review the corresponding Confluence source.


Parties Responsible for Process

  • Accounting


Before You Begin


You must have the appropriate action entitlements in order to create or edit Invoice Terms. Please contact Bullhorn Support to review and adjust your action entitlements.


Adding New Invoice Terms


Steps

  1. On the company record, select the Invoice Terms tab.

  2. Choose Add Invoice Terms.

  3. On the Add Invoice Terms screen, complete the following fields (additional guidance can be found below on how to populate):

    1. General Invoice Term Fields

    2. Invoice Format Fields

    3. Split, Group, and Summarize

  4. Once you have finished entering the term details, select Save to confirm your changes.

Field Name

Data Population Guidance & Definitions

Order

Effective Date

The date you want to start using the profile.

  • Defaults to today’s date.

1

Title

This is the name of the term profile that will be used in other parts of the application. The standard format for titling Invoice Terms is as follows:

Company Name (DWG/MCG Invoice Terms) / Employment Type

ie. 10X Genomics (DWG Net 30) / Contract

2

Status

Determines if the invoice term is currently in use.

  • Active Invoice Terms may be assigned to Billing Profiles.

3

Currency

Sets the currency type used on the invoice.

  • Mixed currency invoices are not supported.

4

Billing Cycle

If configured, you can assign a Billing Cycle, such a Monthly or Bi-Monthly Billing, and associated Billing Calendar to the Invoice Term.

5

Payment Terms

Sets the number of days after the invoice date that the invoice is due.

  • Due Upon Receipt - the due date is the same as the invoice date

  • Net 30 - the due date is the invoice date + 30 days

6

Approval Required

Determines whether or not the invoice needs to be approved prior to it being finalized.

  • This applies to Original and Credit invoice types.

7

PO Required

Currently a data only flag. Identifies when a PO is required for the invoice.

8

Wait for Timecards

Indicates whether or not Billable Charges can be invoiced without a timecard.

  • This applies to the Original invoice types.

9

Invoice Only Approved Timecards

Indicates whether or not Billable Charges can be invoiced prior to timecards being approved.

  • This applies to the Original invoice types.

10

Invoice Format

 

11

Invoice Statement Template

Select an invoice template to set the style and format of the invoice.

12

Supporting Doc

Indicates if the client wants copies of the timesheets and expenses.

13

Remit Instructions

Include additional information for remitting payment, such as wire/electronic transfer instructions.

14

Split, Group, and Summarize

The following sections let you determine how billable charges should display and how invoices should generate.

15

Split Invoice By

You can choose to split transactions into separate Invoice Statements based on fields from the following entities:

  • Bill Master

  • Billable Charge

  • Candidate

  • Placement

16

Group By

You can choose to group transactions on any one Invoice Statement based on fields from the following entities:

  • Bill Master

  • Billable Charge

  • Candidate

  • Placement

  • PO

17

Summarize By

You can choose to summarize transactions on any one Invoice Statement based on fields from the following entities:

  • Bill Master

  • Billable Charge

  • Candidate

  • Placement

18


Editing Invoice Terms


Invoice Terms may evolve over time. When the Invoice Terms change, you can edit existing the terms to better suit your needs. This allows you to use updated terms without changing the associated Billing Profile.

This article covers how to edit existing Invoice Terms. See Adding a New Invoice Term Version for other options on editing existing terms.


Steps


  1. On the company record, select the Invoice Terms tab.

  2. Open the invoice term you wish to update.

  3. On the Edit Invoice Terms screen, select Edit.

  4. Modify the information as needed.

  5. Select Save to confirm your changes.


Deleting Invoice Terms


If you have Invoice Terms that are outdated or no longer needed, you can delete those terms.


Before You Begin

You must have the appropriate action entitlements in order to delete Invoice Terms. If you are unable to delete the invoice terms, please contact Support to review and adjust your action entitlements.

Steps

  1. On the company record, select the Invoice Terms tab.

  2. Open the invoice term you wish to delete.

  3. If necessary, select the Terms version from the dropdown menu located toward the upper-right.

  4. On the Edit Invoice Terms screen, choose Delete.

Multiple Versions

If you wish to manage past or future dated versions of the Invoice Terms you can select the Terms version from the dropdown menu toward the upper-right corner.

You may only delete certain terms based on the following criteria:

  • The Invoice Term is not the earliest dated term.

  • You have the correct combination of user entitlements.


Required Entitlements


Image Placeholder


  • Delete Invoice Term Version allows users to delete the latest effective-dated Invoice Terms version.

    • Example: In the picture above, this user can delete the 06/03/2022 version.

  • Delete Invoice Term Version AND Manage Current Invoice Term Version allows users to delete any current or future dated invoice terms.

    • Example: A user with these entitlements can delete the 03/20/2022, 05/01/2022, and 06/03/2022 versions.

  • Delete Invoice Terms Version AND Manage Future Invoice Term Version allows users to delete any future dated Invoice Terms.

    • Example: A user with these entitlements can delete the 05/01/2022 and 06/03/2022 versions.

  • Delete Invoice Terms Version AND Manage Historical Invoice Term Version allows users to delete any past, current, or future dated Invoice terms.

    • Example: With these entitlements, a user can delete any version except 02/01/2022.