Answer / paul scholes

Milestone billing is nothing but ,the customer is billed
when a milestone is reached or achieved. Eg When you have
phases in projects you are billed according to the
completion of a phase.

Periodic billing is nothing but when billing happens at
regular time frames . Ex Billing done every month or on a
quaterly bases.

Answer / vikas sahore

Answer provided by Paul is right.
Bill plan is configured in SPRO. IMG...Sales and distribution...Billing....Billing Plan...
Bill plan is configured here and is assigned to Item Category.
While creating Sales Order there is Bill Plan tab at Line Item level.

Answer / goswami

Milestone billing means distributing the total amount to be billed over multiple billing

dates in the billing plan.
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 is used when you want to bill the customer at different points of time based on the periodicity or progress of the work

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