Yearly contracts are set up to generate invoices every year, covering a period of one year. Its first yearly period kicks off from the very beginning of the contract's start date.

Go to contract of a yearly term and then click on three dot option. Next, choose Contract Invoice(s)

This popup lists all the terms starting from the contract's start date till future three terms. Each term is one year period.

The system is configured to generate invoices automatically each year, a designated number of days before the start of your billing term as specified in the Invoice creation field of your Contract. You can also generate invoices on your own whenever you want using the popup window above. Click here to learn more about Contracts.

If you'd like your invoices to show the Invoicing period with the product description, follow these simple steps

1. Click on the pen icon present with your product

2. Turn on Show Invoicing Period toggle to enable terms option.

Below are some Term options related to yearly contracts. Consider below dates for a yearly contract, for instance

Start Date of a Product: Jan 1st, 2022

Current Year: 2023

The Term indicates the current billing year that is in effect at the time of invoice generation.

The Term (+1) indicates the subsequent billing year that will be in effect at the time of invoice generation.

The Term (-1) denotes the preceding billing year that was in effect at the time of invoice generation.

The Year (+1) indicates the year following the current billing year.

The Month Year (+1) indicates the year following the current billing year and also displays the product's start date month.