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Encyclopedia > Invoice

An invoice or bill is a commercial document issued by a seller to a buyer, indicating the products, quantities and agreed prices for products or services with which the seller has already provided the buyer. An invoice indicates that payment is due from the buyer to the seller, according to the payment terms. Image File history File links Mergefrom. ... A bill is a document requesting payment for goods previously supplied. ... This article does not cite any references or sources. ... Sales are the activities involved in providing products or services in return for money or other compensation. ... A buyer, sometimes called a merchandiser, is a person who purchases finished goods, typically for resale, for a firm, government, or organization. ... In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... This article is about a term used in economics. ... Discounts and allowances are reductions to a basic price. ...


From the point of view of a seller, an invoice is a sales invoice. From the point of view of a buyer, an invoice is a purchase invoice. The document indicates the buyer and seller, but the term invoice indicates money is owed or owing. In English, the context of the term invoice is usually used to clarify its meaning, such as "We sent them an invoice" (they owe us money) or "We received an invoice from them" (we owe them money).

Contents

Basic invoice

I N V O I C E
Adams Manufacturing Company
19 Union Street
Kansas City, MO 99999
(999)999-9999
Sold to:
Zenith Company
10 Fairway Avenue
San Francisco, CA 99999
Ship to:
Zenith Company Warehouse
12 Cobbler Street
Los Angeles, CA 99999
Invoice No. Date Purchase Order Shipped Shipper Terms
777 11/17/06 6895 11/17/06 Jones Truck Co. Net 15
Quantity Description Price Each Amount
15 sets Model S irons 60.00 900.00
50 doz X3Y Shur-par golf balls 7.00 350.00
Invoice Total $1,250.00

A typical invoice contains[1]

  • The word "invoice"
  • A unique reference number (in case of correspondence about the invoice)
  • Date of the invoice
  • Name and contact details of the seller
  • Tax or company registration details of seller (if relevant)
  • Name and contact details of the buyer
  • Date that the product was sent or delivered
  • Purchase order number (or similar tracking numbers requested by the buyer to be mentioned on the invoice)
  • Description of the product(s)
  • Unit price(s) of the product(s) (if relevant)
  • Total amount charged (optionally with breakdown of taxes, if relevant)
  • Payment terms (including method of payment, date of payment, and details about charges late payment)

The US Defense Logistics Agency requires an employer identification number on invoices.[2] A Purchase Order (abbreviated PO) is a commercial document issued by a buyer to a seller, indicating the type, quantities and agreed prices for products or services that the seller will provide to the buyer. ... Applicable to the United States, an Employer Identification Number or EIN is the corporate equivalent to a Social Security Number, although it is issued to anyone, including individuals, who have to pay withholding taxes on employees. ...


The United Kingdom requires a value added tax identification number on invoices.[3]
This article is considered orphaned, since there are few or no other articles linked to this one. ...


Variations

There are many different types of invoices:

  • Pro forma invoice - In foreign trade, a pro forma invoice is a document that states a commitment from the seller to provide specified goods to the buyer at specific prices. It is often used to declare value for customs. It is not a true invoice, because the seller does not record a pro forma invoice as an accounts receivable and the buyer does not record a pro forma invoice as an accounts payable. A pro forma invoice is not issued by the seller until the seller and buyer have agreed to the terms of the order.
  • Credit memo - If the buyer returns the product, the seller usually issues a credit memo for the same or lower amount than the invoice, and then refunds the money to the buyer, or the buyer can apply that credit memo to another invoice.
  • Commercial invoice - a customs declaration form used in international trade that describes the parties involved in the shipping transaction, the goods being transported, and the value of the goods.[4] It is the primary document used by customs, and must meet specific customs requirements, such as the Harmonized System number and the country of manufacture. It is used to calculate tariffs.
  • Debit memo - When a company fails to pay or short-pays an invoice, it is common practice to issue a debit memo for the balance and any late fees owed. In function debit memos are identical to invoices.
  • Self-billing invoice - A self billing invoice is when the buyer issues the invoice to himself (e.g. according to the consumption levels he is taking out of a vendor managed inventory stock).
  • Evaluated receipt settlement (ERS) - ERS is a process of paying for goods and services from a packing slip rather than from a separate invoice document. The payee uses data in the packing slip to apply the payments. "In an ERS transaction, the supplier ships goods based upon an Advance Shipping Notice (ASN), and the purchaser, upon receipt, confirms the existence of a corresponding purchase order or contract, verifies the identity and quantity of the goods, and then pays the supplier."[5]
  • Timesheet - Invoices for hourly services such as by lawyers and consultants often pull data from a timesheet.
  • Statement - A periodic customer statement includes opening balance, invoices, payments, credit memos, debit memos, and ending balance for the customer's account during a specified period. A monthly statement can be used as a summary invoice to request a single payment for accrued monthly charges.
  • Progress billing used to obtain partial payment on extended contracts, particularly in the construction industry (see Schedule of values)

Many companies report pro forma earnings, in addition to normal earnings calculated under the Generally Accepted Accounting Principles (GAAP), in their quarterly and yearly financial reports. ... International trade is defined as trade between two or more partners from different countries (an exporter and an importer). ... Customs is an authority or agency in a country responsible for collecting customs duties and for controlling the flow of animals and goods (including personal effects and hazardous items) in and out of a country. ... Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. ... Accounts payable is a file or account that contains money that a person or company owes to suppliers, but hasnt paid yet. ... Order: Yes lets not get off the fact that the Americans are unhealthely ignorant, and have no care for the minorities in the world. ... A Commercial invoice is a key document for transporting product across many national borders. ... Customs is an authority or agency in a country responsible for collecting customs duties and for controlling the flow of animals and goods (including personal effects and hazardous items) in and out of a country. ... The Harmonized System of tariff nomenclature are internationally standardized names and numbers maintained by the World Customs Organization for classifying traded products. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... For meanings of the word balance, see: Look up balance in Wiktionary, the free dictionary. ... A packing slip, sometimes known as a packaging slip or customer receipt, is a shipping document that accompanies delivery packages, usually inside an attached shipping pouch or inside the package itself. ... For the fish called lawyer, see Burbot. ... A consultant (from the Latin consultare meaning to discuss from which we also derive words such as consul and counsel) is a professional who provides expert advice in a particular area of expertise such as accountancy, the environment, technology, the law, human resources, marketing, medicine, finance, public affairs, communication, engineering... Delivery is the process of picking goods from a warehouse and packing ready for transport by a means any means of freight forwarding eg air, truck, train, courier. ... The Luggage. ... An Airbus A380 of Emirates Airline An airline provides air transport services for passengers or freight. ... The Schedule of Values is a detailed statement furnished by a construction contractor, builder or others outlining the portions of the contract sum. ... Image File history File links Mergefrom. ... This article does not cite any references or sources. ...

Utility bills

Bills from utility companies are based on measured (me(contract)tered) use of electricity, (Ohio, USA)]</ref>[6] When an i(contract)ndividual or business (opens an account), he signs an agreement (contract) to(contract) pay for his metered use of the utility.natural gas or other util(contract)ities at a residence(contract) or business.[7] The "IFTMCS" standard is used to transmit freight invoicesor services). [8]


UBL

Use of the XML message format for electronic invoices has begun in recent years. There are two standards currently being used. One is the cross industry invoice issued by the United Nations standards body UNCEFACT and the other is part of the UBL (Universal Business Language) which is issued by [Oasis]http://www.oasis-open.org. Implementations of invoices based on UBL are more common, most importantly in the public sector in Denmark. Further implementations are under way in the Scandinavian countries as result of the NES (North European Subset) project http://www.nesubl.eu. The NES work is being transferred to [CEN]http://www.cen.eu (the standards body of the European Union) for public procurement in Europe. Agreement has been made between UBL and UN/CEFACT for convergence of the two XML messages standards with the objective of merging the two standards into one before end of 2010 including the provision of an upgrade path for implementations started in either standard. The Extensible Markup Language (XML) is a general-purpose markup language. ... The United Nations Centre for Trade Facilitation and Electronic Business, (UN/CEFACT) has a mission to improve the ability of business, trade and administrative organizations, from developed, developing and transitional economies, to exchange products and relevant services effectively - and so contribute to the growth of global commerce. ... Osama bin Laden Us&#257;mah bin Muhammad bin `Awad bin L&#257;din (born March 10, 1957 or July 30, 1957) (Arabic: &#1571;&#1587;&#1575;&#1605;&#1577; &#1576;&#1606; &#1605;&#1581;&#1605;&#1583; &#1576;&#1606; &#1593;&#1608;&#1583; &#1576;&#1606; &#1604;&#1575;&#1583;&#1606;), commonly known as Osama bin...


Payment for invoices

Organizations purchasing goods and services usually have a process in place for approving payment on the invoice based on an employee's confirmation that the goods or services have been received.[9][10][11][12]


See also

Look up invoice in Wiktionary, the free dictionary.

Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 150 languages. ... Dunning is the process of methodically communicating with customers to ensure the collection of accounts receivable. ... Order: Yes lets not get off the fact that the Americans are unhealthely ignorant, and have no care for the minorities in the world. ... Order fulfillment is in the most general sense the complete process from point of sales inquiry to delivery of product to the customer. ...

References

  1. ^ Invoice illustration adapted from Meigs and Meigs Financial Accounting 4th Ed. (McGraw-Hill, 1970), p.190 ISBN 0-07-041534-X
  2. ^ US Defense Logistics Agency - Required information in invoices
  3. ^ http://www.opsi.gov.uk/si/si1995/Uksi_19952518_en_4.htm
  4. ^ http://www.dhl.com/publish/g0/en/tools/customs/ci.high.html
  5. ^ http://scm.ncsu.edu/public/facts/facs041014.html
  6. ^ Utili(contract)ty bill description(contract) for Bayfield Elect(contract)ric Cooperative (Wisconsin, USA)
  7. ^ [http://www.duke-energy.com/ohio/understand/read-bill.asp Utility bill description for Duke Energy www.bayfield(contract)elect(contract)ric.com

    Electronic invoices

    Some invoices are no longer paper-based, but rather transmitted electronically over the Internet. It is still common for electronic remittance or invoicing to be printed in order to maintain paper records. Standards for electronic invoicing varies widely from country to country. Electronic Data Interchange (EDI) standards such as the United Nation's EDIFACT standard include message encoding guidelines for electronic invoices. An inter-company, application-to-application communication of data in standard format for business transactions Electronic Data Interchange (EDI) is a set of standards for structuring information that is to be electronically exchanged between and within businesses, organizations, government entities and other groups. ... UN/EDIFACT is the international EDI standard developed under the United Nations. ...


    But the most common continues to be PDF over email from providers such as NetSuite, Saasu.com, NetAccounts, SimpleBill, Freshboks, Invoice.com and Microsoft Dynamics.[citation needed] ===EDIFACT===.<ref>http The ".The United Nations standard for electronic invoices ("INVOIC") includes standard codes (products INVOIC" for trdebit memos://ansmitting header information (common to the entire invoice) and codes for transmitting details for each of the line items standard can also be used to transmit credit and www.edifactory.de/msginfo.php?s=D05A&m=INVOIC</li> <li id="_note-7">'''[[#_ref-7|^]]''' http://www.edifactory.de/msginfo.php?s=D05A&m=IFTMCS</li> <li id="_note-8">'''[[#_ref-8|^]]''' [http://www.michigan.gov/documents/MDO_BTP_Invoice_flowchart_123954_7.pdf Michigan state Bureau of Transportation Invoice processing]</li> <li id="_note-9">'''[[#_ref-9|^]]''' [http://privacy.navy.mil/noticenumber/N07240-1.asp US Department of the Navy Commercial Invoice Payments History System]</li> <li id="_note-10">'''[[#_ref-10|^]]''' [http://guidebook.dcma.mil/18/commer.htm Commercial Contracting Guidelines - US Defense Contract Management Agency]</li>

    <li id="_note-11">'''[[#_ref-11|^]]''' [http://www.acquisition.gov/bestpractices/bestpcont.html US Office of Federal Procurement Policy - Best Practices for Contract Administration]</li></ol></ref>

  Results from FactBites:
 
Invoices Online: Create custom, printable invoices for free! (315 words)
Invoice$ Online started in 1997 when I searched for an easy way of creating an invoice online.
Since 1997, thousands have used my form-based invoice creator.
There are no implied warranties, guarantees, or assurances that it will work.
Invoice - Wikipedia, the free encyclopedia (354 words)
An invoice is a commercial document issued by a seller to a buyer, indicating the products, quantities and agreed prices for products or services with which the Seller has already provided the Buyer.
An invoice indicates that, unless paid in advance, payment is due by the buyer to the seller, according to the agreed terms.
Invoicing - The term invoicing is also used to refer to the act of delivering baggage to a flight company in an airport before taking a flight.
  More results at FactBites »

 
 

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