How To Invoice in Advance and in Arrears
In Parrot, it is possible to distinguish between the period to invoice and when the invoicing should occur. This is useful for invoicing fees either in advance or in arrears. It allows you to specify different dates for when the contract should generate documents or planning lines, separate from the contract period.
The contracts in Parrot includes the following dates:
| Field | Description |
|---|---|
| Contract Date | The date when the contract was created. |
| Start Date | The date when the contract/contract line starts (not possible to invoice before this date) |
| End Date | The date when the contract/contract line ends (not possible to invoice after this date) |
| Next Period Start | The date when the upcoming contract period begins, for the contract/contract line |
| Next Action Date | The date when the next document or planning lines for the contract should be created and issued |
Important
Next Period Start was previously called Next Posting Date. The field has changed its caption but retains the same functionality (if no Date Setup Code is specified on the contract). The Next Action Date is used in the Create Documents/Planning Lines From Contracts batch job to filter which contracts to process. The batch job previously used the Next Posting Date. If no Date Setup Code is specified on the contract, the Next Action Date is always the same as the Next Period Start date.
The Start Date, End Date, and Next Period Start are specified manually on the contract or contract line. The Next Action Date is calculated based on the Date Setup Code specified on the contract. If a Date Setup Code is not specified, the Next Action Date is the same as the Next Period Start date.
Note
The Next Action Date is only available on the contract header, not on the contract line.
Set Up Date Setup Codes
- Choose the search icon (ALT+Q), enter Date Setup, and then choose the related link.
- Add a new date setup code and proceed to fill the fields as necessary.
- Specify a date formula in the Next Action Date field to calculate the Next Action Date based on the Next Period Start date on the contract.
- Select which date field to use as the Posting Date on documents, not applicable for contracts set to create Project Planning Lines.
- Select which date field to use as the Deferrals Start Date on documents.
Tip
If you want to create documents/planning lines for a contract one month in advance, you should specify the date formula -1M in the Next Action Date field to calculate the Next Action Date to be one month before the Next Period. The date formula 1M calculates the date one month after the Next Period Start.
Add Date Setup Code On Contracts Manually
- Choose the search icon (ALT+Q), enter Contracts, and then choose the related link.
- Open the applicable contract card and then select the Reopen action (if it is Released).
- Add a Date Setup Code on the contract header.
- Release the contract and check that the Next Action Date is correct.
Add Date Setup Code On Contracts Using Excel
If you have a large number of contracts and want to add a Date Setup Code to them, you can use Excel to do this. The Edit in Excel action allows you to export the contracts to Excel, make changes, and then publish the changes back to Business Central.
- Choose the search icon (ALT+Q), enter Contracts, and then choose the related link.
- Select the Reopen action to open the selected contracts (if they are released).
- Select the Edit in Excel action to export the contracts to Excel.
- Add a Date Setup Code to the contracts in Excel.
- Select the Publish action in Excel to publish the changes back to Business Central.
- Go back to the Contract page in Business Central and check that the updated contracts have the correct Date Setup Code.
- Select the Release action to release the selected contracts.
- Check that the Next Action Date is correct.