Invoice
tags :
- related
- Purchase Order
Summary #
An invoice is a time-stamped commercial document that itemizes and records a transaction between a buyer and a seller. If goods or services were purchased on credit, the invoice usually specifies the terms of the deal and provides information on the available payment methods.
ref Types of invoices may include a paper receipt, a bill of sale, a debit note, a sales invoice, or an online electronic record.
KEY TAKEAWAYS #
- An invoice is a document that maintains a record of a transaction between a buyer and seller, such as a paper receipt from a store or an online record from an e-tailer.
- Invoices are a critical element of accounting internal controls and audits.
- Charges found on an invoice must be approved by the responsible management personnel.
- Invoices generally outline payment terms, unit costs, shipping, handling, and any other terms outlined during the transaction.