Invoice Event Cycle is a feature of BillingPlatform that allows you to control the creation of invoices for your customers based on usage events. For instance, you need to create invoices where customers are charged certain products but the billing cycle does not necessarily coincide with a certain time interval (e.g. monthly, annual, etc). Instead, you want to use other factors such as the invoice amount, invoice detail amount, or other custom fields that are present on the invoice detail/activity records.
On top of this, the feature also allows you to continue with scheduled billing cycles (monthly, annual, daily, etc) and have them coexist with the event cycle for certain products depending on how they are structure in the system.
The rules are evaluated for customers that have the Allow Event Based Billing enabled/ticked on their billing profiles and will take priority over the default cycles configured for the profile.