Products, Plans, and Charges

Product, Plan, and Charge configuration are central in Ordway as it governs the accounting for Contracts, Invoices, and Revenue Recognition.

An Ordway Product is an item or service you sell such as physical items, recurring, or a one-time service. Plans are bundles of Products and can be used to create Subscriptions. Charges are created when a Plan is applied to a Subscription and define the pricing and billing behavior for the Products sold.

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Usage Basics

Usage is the number of units used by a Customer. It is charged based on the parameters defined in a Plan Charge and the negotiated values entered in the Subscription Charge. Usage is always billed in arrears.

For example, a November bill contains usage consumed in October. Usage can be billed on a recurring, monthly, quarterly, semi-annual, or annual basis.

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Statements

Statements provide details of your account activities, outstanding balances, or totals due. It basically acts as a snapshot of a customer account over a specific time period.

Notes:

• Statements can be scheduled to generate on a recurring basis. Read about Scheduling Statements.
• You can create a Statement for a single Customer. Read about generating a single Statement.
• You can also create Statements for a group of Customers. Read about generating multiple Statements.

Each Ordway instance comes with three default statement templates:

• Balance Forward Statements: A Balance Forward Line item represents the customer balance prior to the statement period.
• Transaction Statements: Transaction Statements cover every transaction that occurred in a Customer Account between the Start Date and End Date.
• Open Item Statements: Displays all items that have a balance of unused amount from a specific date backward.
  This includes
  • • Invoices with a balance
    • Payments with an unapplied amount
    • Credits with an unapplied amount

Learn more about Default Statement Templates.

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