we are starting to use Contract Billing with Service Plans and I have some questions regarding reporting and billing dates

1 - If I create a service plan with a billing cycle of "yearly" (with an allowance of say 100 hours) and then create a billing contract using this service plan and select a billing data of eg 1st then when should I expect that the bills should be sent out. Does the fact that the service is plan is yearly mean that only one bill a year will be sent out

2 - Is it possible for time spent reports to reference the initial allowance as set out in the service plan for this account

Thanks in advance

Gary