Billing Cycle:
Your chapter's billing cycle is the monthly cycle of the scheduled invoice date and due date. Greekbill set up the monthly terms based on the previous terms schedule. This schedule is customizable, if you would like to change your billing cycle just reach out to your chapter's greekbill rep.
Invoice Date:
Your chapter is set up to receive a monthly invoice. Any account adjustments such as new charges, credits, or fee removals come into effect on this date.
Your member receives an e-bill and any pending charges become a part of the current balance. Your monthly invoice date is entirely customizable based on your chapter’s needs. It will be set up as a re-occurring monthly date. We recommend having the same invoice date to create a sense of consistency.
Only members with a balance or pending charges will get the invoice. If a member is paid in full they will not receive any invoice.
Pro Tip: Make sure all charges are added at midnight BEFORE your invoice date. Invoices go out at 12:01 am on your scheduled invoice date. If you add charges on the invoice date after 12:01 am, then they will not invoice on that day and remain pending for the next month.
Due Date:
Your chapter has a monthly due date. Having a monthly due date creates urgency for your members to pay and provides a schedule to get payments in. A due date makes a way to track a member's outstanding balance by providing the chapter with an identified timeline of when members are expected to pay.
If a member is a past due, after this date it will affect the way a member is reflected upon in some reports such as the AR Report and Members Past Due. We are providing a platform to track your member's balances and how past due they are. Having a monthly due date provides a crucial data point for this tracking.
NOTE: If your members set up auto-pay, the full balance on their account will pull on this date.