1. Create the automatic billing item in Configuration, if it does not already exist.
  2. Create a record query for the students to which you want to add the schedule.
  3. Go to Records > Billing Schedules > Add a New Billing Schedule.
  4. Add the schedule to a group of records (Click on Transaction to the top of the window, and click 'Add this Billing Schedule to a Group of Records,' and insert the query).

    Note:  This adds the schedule for those transactions on the record's Activity tab under scheduled activity. Transactions have not yet been generated. 
  5. Generate transactions automatically to add the billing item to the record.