Hi Rajesh,
Milestone billing:
Milestone billing means distributing the total amount to be billed over multiple billing dates in the billing plan. For example, you can use a billing plan for billing a make-to-order item that is assigned to a project in the SAP Project System. When you enter the project-related make-to-order item in the sales order (or assembly order), the system proposes a billing plan based on milestones defined for networks in the project. As each milestone is successfully reached, the customer is billed either a percentage of the entire project cost or simply a pre-defined amount.
Periodic billing:
Periodic billing means billing a total amount for each individual billing date in the plan. For example, if you are creating a rental contract, the system can propose a schedule of monthly rental payments, according to the length and conditions of the contract.
The billing dates in a periodic billing plan can be determined from the following sources:
Control data in the billing plan
Header data in the rental contract
Manually entered dates
Start and end dates
Reward points if u helpful
Cheers,
Govind.
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