Invoice Definition
An invoice is an official statement of payments issued by the seller to the buyer describing the number of items sold, the rate of each item, date and time of shipment, and the total price payable by the purchaser. An invoice is also referred to as ‘bill of sale’ or ‘contract of sale.’ An invoice, therefore, serves as a vital document carrying all the detailed information about the products or services offered by the vendor. Typically, an invoice should contain the following information:
With the help of an invoice, one can track the transaction of different purchases, manage inventory, utilize the invoice data for accounting and tax calculations. An invoice can also serve as a credit document if the buyer opts to make payments after receiving the products and services from the seller.
It is essential for any business to maintain the record of their transactions. Invoices prepared for each industry, however, are unique to their trade. The different types of invoices are listed below.
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