Typically, when paying an invoice, a remittance advice will be sent to the supplier to inform them their invoice has been paid." Organizations purchasing goods and services usually have a process in place for approving payment of invoices based on an employee's confirmation that the goods or services have been received. The document indicates the buyer and seller, but the term invoice indicates money is owed or owing. From the point of view of a buyer, an invoice is a purchase invoice. Generally each line of a rental invoice will refer to the actual hours, days, weeks, months, etc., being billed.įrom the point of view of a seller, an invoice is a sales invoice. In the rental industry, an invoice must include a specific reference to the duration of the time being billed, so in addition to quantity, price and discount the invoicing amount is also based on duration. The buyer could have already paid for the products or services listed on the invoice. These may specify that the buyer has a maximum number of days in which to pay, and is sometimes offered a discount if paid before the due date. Payment terms are usually stated on the invoice. "An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer.
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