Billing Frequency is the periodic interval at which one account is billed at a time for the contracts. Each contract has a billing frequency associated with it. It is applicable only for contract based sales.
Billing frequency is equal to the length of the billing cycle. Billing frequency is the payment schedule defined while booking an agreement.
The billing frequency could be monthly, quarterly, or semi annually etc. An account is automatically re-billed without notification at the end of each billing frequency. The cycle starts from the date when services are delivered.
Through Billing Frequency Lookup Code, you can define billing frequency.
For Example:
Invoice Monthly billing frequency has a frequency of 1, an Invoice Quarterly pay term has a frequency of 3 etc.
An account with a three-month billing frequency is charged four times per year while it is active.