When you already have a billing group and you want to change the name of it to something more descriptive:

1 : Go to Accounts

2 : Open the Account with the Billing Group

3: Go to Billing tab

4: Select the billing group

5: Open the context menu by clicking the ... icon

6: Click "Rename" in the context menu

7: Insert new name for the billing group

8: Click "Rename"

9: The billing group is now renamed

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