TABLE OF CONTENTS
Purpose:
B lab will now be invoicing all B Corps based on their Initial Certification Date. The initial certification invoice will indicate the month of which we will invoice companies moving forward. The customer renewal invoice date will be based on the month of when they were certified. We have separated Close date from Invoice date. In the past, these two dates were connected together but we have separated this connection. Close date is meant to be used as a forecasting tool based on when we *think* a customer might close their review. This will become more accurate over time as we adjust it for approach. The invoice date will be determined through internal logic such as the B Corp Agreement being signed and the review closing.
| Date Field | Definition | How does it get set | Who can edit |
| Close Date (forecasting) | When B lab Global thinks a company will complete their review process based on avg `overall calendar days` for intiial and renewal recert opportunities When it's a renewal opportunity (the company has already become a B corp) we will use the date of when they were certified to determine the month of when the proposed close date will be. It will be the last day of that month. | Initial Certification review open date + 270 days 270 days based off avg of overall calendar days by the approach of this and last year initial Initial certification avg days Renewal opportunities close date will always be end of the month of Date Certified (initial). | System Generated initially can be edited by Global Partners |
| Invoice Date | The invoice date is when a global partner and/or B Lab Global Finance will invoice a company. For Initial certification, it's set when the b corp agreement is signed and moves to `ready for invoicing` For any renewal invoices, after their initial certification fee, it will always be set to first of the month as the invoice date of the initial certification The date when finance team member should send an invoice to a customer | Will always be set to the beginning of the month when Name = b corp agreement and dsfs__Envelope_Status__c = completed | System Generated |
| Payment Terms | How many days a company is allowed to take to pay their certification fee invoice | pay on receipt n30 n60 n90 | Different defaults are based on review.approach can be edited by Global Partners and BLG finance |
| Invoice Due Date | The date upon which a customer is supposed to pay by. Invoice date + payment terms Not editable by users. Will be used to determine if customers are paying on time or not | Formula field based on Invoice Date + Payment Terms | System Generated |
| Actual Payment date | Date when the customer actually pays | Manually Entered by Finance team member | BLG Finance Global Partners |
Example:
As described above the close date is based on the review.open_date. So based on when the review is open we will adjust the close date. In this case, the current rate from open to close is 270 days. So if the review is open on 9/30/2022 the close date is forecasted to 6/27/2023.
When the B Corp Agreement is signed we automatically move the opportunity stage to `Ready for invoicing`. The invoice date is 5 days after the stage has been triggered to give finance teams some space. So if the B Corp agreement is signed on 6/10/2022, the invoice date will be 6/15/2022. The invoice due date is based on payment terms, 30 days in this case, so it’ll be 7/15/2022.
B Lab Europe has legal implications, meaning that B Lab Europe’s Certification date will be when the stage moves to `Invoiced`. All other regions' certification date will be based on Actual payment date. So if a B corporation becomes certified on 7/14/2023, moving forward they will always be billed in month 7. Their Invoice Date will be the first of the month and the dependent on your payment terms (30, 60, 90) will indicate your Invoice Due Date.