In Guidewire's BillingCenter, these terms relate to different aspects of billing, each with distinct purposes. Below is an explanation of each concept, along with examples.
1. Billing Invoice
- Definition: A Billing Invoice is a formal document issued by the billing system to a customer, detailing the total amount due for one or more billing periods or transactions. It represents the culmination of various charges, payments, and adjustments.
- Example:
- Suppose a customer has a monthly insurance policy. The Billing Invoice for June might show a total due of $200. This amount could include the base premium, any surcharges, discounts, and previous balance carried forward.
- The Billing Invoice might look something like:
Invoice #12345
Customer: John Doe
Policy Number: ABCD-1234
Invoice Date: 2023-06-01
Due Date: 2023-06-15
Description Amount
--------------------------------
Base Premium $180.00
Service Charge $10.00
Previous Balance $10.00
--------------------------------
Total Due: $200.00
2. Invoice Item
- Definition: Invoice Items are the individual components that make up the total amount on a Billing Invoice. Each Invoice Item represents a distinct charge, fee, credit, or adjustment. These items are aggregated to form the total amount due on the invoice.
- Example:
- Continuing from the example above, the Invoice Items for the June Billing Invoice might be:
Invoice Item #1: Base Premium $180.00
Invoice Item #2: Service Charge $10.00
Invoice Item #3: Previous Balance $10.00
- These items are the line-by-line details that contribute to the total amount on the invoice.
3. Invoice Stream
- Definition: An Invoice Stream represents a series of recurring invoices that are linked together, often related to ongoing services or policies. The concept is useful for handling scheduled billings, such as monthly premium payments, where the system generates a sequence of invoices over time.
- Example:
- If John Doe has an insurance policy with a monthly premium of $180, an Invoice Stream might be set up to generate an invoice on the 1st of every month. The Invoice Stream would control the automatic creation of each invoice (e.g., for July, August, etc.) as long as the policy remains active.
- The Invoice Stream could be described as:
Stream ID: XYZ-001
Description: Monthly Premium Invoicing for Policy ABCD-1234
Start Date: 2023-01-01
End Date: 2023-12-31
Frequency: Monthly
Next Invoice Date: 2023-07-01
Summary of Differences:
- Billing Invoice is the document issued to the customer summarizing all charges and amounts due.
- Invoice Items are the detailed components that together form the total amount on the Billing Invoice.
- Invoice Stream is a scheduled series of invoices, typically used for recurring charges like monthly premiums.
These components work together within Guidewire's BillingCenter to manage and automate the billing process effectively.
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