as per Help - Advanced Billing feature - Check this box to create billing schedules to invoice sales over a range of time or a contract term, such as a one-year membership billed monthly. Billing schedules manage the billing process to track when to invoice customers and how much to bill.
Using the Advanced Billing feature, you can create billing schedules to apply to items and to sales. Billing schedules define the schedule of billing sales over a range of time or a contract term. They manage the billing process by tracking when to invoice customers and how much to bill.
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