By Florence Solano - April 08 2018 03:17:48
An invoice, on the other hand, records the receipt of the product or service and, as noted above, the terms of payment. Purchase orders are used by many companies as part of an approval process. Some companies require purchase orders for products or services over a specific amount.
Invoices are sometimes confused with purchase orders. Purchase orders (POs) are before the transaction, and invoices are after the transaction. Purchase orders record an order by a customer to a vendor or supplier.
An invoice serves several purposes. It is not just the catalyst that gets you paid, although I would venture to say that is the no 1 role, huh?
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.
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