By Florence Solano - March 13 2018 16:10:58
Invoices may be mailed or emailed or faxed to a customer. When a customer pays, the invoice number should be noted on the sales receipt and matched to the sales receipt in your accounting software, so it is clear that the invoice has been paid. The payment takes the outstanding amount out of your accounts receivable account.
An invoice provides a detailed account of the products or service and a set of other information that can vary a bit depending on the requirements in the country the invoice is issued and the type of product or service being sold.
The usual sections in an invoice include:
~ The date that the invoice was created. Do not forget this! The date of the invoice starts the clock ticking on the customer. If you have terms (a time limit for payment), you want to include the date so everyone knows when the payment is due.
~ Names and addresses of customer and supplier. If you are creating the invoice in accounting software, you may only need the email address of the customer, but it is still a good idea to collect and include the physical address, in case you need to send a real letter or document.
~ Contact names of individuals at the two businesses (or business and individual). It is a good customer relations rule to make sure you spell names correctly.
~ Description of items purchased, either products or services, including prices and quantities. Often you will have standard item descriptions and inventory numbers. But be as specific and detailed as possible, when you create the invoice. This avoids confusion and "I did not know" issues.
~ Terms of payment. For example, the provider might specify "net 30 days," which means that the entire amount is due within 30 days.
Invoices are important not only for keeping track of sales and payments, from balances to stock levels, but they can also be used in the case that a payment is overdue or missing and is followed up with more formal actions.
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