Billing cycles are the dates your chapter uses to bill Chapter Dues and Fees, National Dues and Fees, Insurance, Rent/Housing charges, or anything else to fund the chapter's operations.
Your chapter's officers and/or advisors set up billing for each semester/quarter and choose the number of cycles that term will have. There are usually four cycles per term, but there can be more depending on your chapter's needs.
Chapter officers will bill charges each cycle based on the chapter's budget and expenses. Statements are typically mailed 2-4 weeks prior to each cycle's due date. Statements can be viewed on your MyOmegaFi account as well. See this article for more information.