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What is invoice? and what are the basic features and types of invoices? In these lines we will be covering the very basic question.
So What is Invoice? An invoice as we know it today is a document containing a record of a transaction between a buyer and a seller. The transaction is about the trade of goods and/or services. The invoice is time-stamped and contains the amount of the transaction. It is drawn by the seller upon the buyer of goods/services. The date of an invoice can be of present or past (credit invoice).
Let’s take a look at some examples;
Invoice can have multiple names like invoice, bill, debit note, sales invoice, receipt. It can be in a physical form as well as an electronic or digital format. Invoice Is among the most used commercial documents. The earliest traces of paper invoices can be found in the 16th century. The first form of paper invoices was more like a letter containing the transaction details.
Usually, an invoice will carry some typical information. Common components of an invoice can be;
Invoice becomes payable once the drawee receives and accepts one. The date is the most important component of an invoice. The date on the invoice is the timestamp that becomes very vital due to many reasons. i.e.
Invoice can be categorized into two major types
Let’s take a look at both
A manual invoice is an invoice generated manually. Even if an invoice is prepared on a computer and printed through a printer but it is dealt with through a manual accounting system, it is considered a manual invoice. A Manual invoicing system is inherently error-prone, tedious, slow, and unreliable. A separate article about manual invoice processing challenges can be found here.
e-Invoice, electronic invoice, or digital invoice are the same things. These are the invoices that are generated through a computerized invoice processing system with an effective database. Lately, e-Invoice has evolved a lot. From mere AP (Accounts Payable) automation to an invoice processing system (dealing with both Accounts Payable and Receivable), it has now evolved into an invoice management system (Invoice processing + Invoice financing/factoring).
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