SAP S/4HANA Cloud for Contract Accounting and Invoicing supports the billing and invoicing of billable items according to preconfigured and adoptable rules for selecting, grouping and aggregation of billable items for billing execution and of billing documents for invoicing execution.
You can execute billing and display the billing document and/or immediately continue to execute invoicing and display the invoicing document. The invoicing execution creates an invoicing document and an accounting document in the contract accounting subledger.
You can perform selecting, grouping, and aggregation in two separate steps: first billing and then invoicing. This isn't necessary in all system architectures, but possible to do so.