Overview of the statement lifecycle

For every agency bill producer, BillingCenter processes a new statement every month. On the statement's Billing Date, BillingCenter executes financial transactions to indicate that the associated charges have been billed. For producers that use Statement Bill, BillingCenter also sends a statement document to the producer.

However, a statement by itself does not provide all of the information needed for the monthly billing of an agency bill producer. The object that is central to agency bill billing is the agency bill cycle. An agency bill cycle is an object that manages all the resources needed to execute monthly billing for an agency bill producer. This includes the following:

• The primary statement
• Any previously billed statements that have invoice items that have not yet been paid in full
• A promise, which is used for Account Current producers only. The promise can be associated with invoice items on the current statement as well as previously billed statements and planned statements.
• An agency bill workflow. This tracks certain events that must take place on specific dates in the future, such as sending a promise reminder, creating a past due exception, or sending a dunning letter.