#Statement of outstanding invoices plus#

The form lists and describes the products or services they want you to deliver, including specifications, quantities, and the expected delivery date. purchase orders: Customers use purchase orders to start a sales transaction. In this section, we'll compare an invoice with other types of forms. There are several forms and documents that businesses use for ordering and invoicing. On the other hand, a statement is a report of all transactions - paid or unpaid - between you and your customers or clients during a specific period, which is usually monthly.

It is a legal document that creates an obligation for the recipient to pay. You send out an invoice after you fulfill the terms of a transaction between you and your customer or client. No, an invoice is not the same as a statement. This is why you need an effective invoicing process to track which invoices are paid or still unpaid. Late payments and unpaid invoices can impact your company's overall financial health and cash flow negatively. 'Accounts receivable' is an accounting term that refers to the sales you've made but haven't received payment for yet. When you send an invoice, it's a record of accounts receivable for your business. When you receive an invoice, you have an amount owing and an expense for your business. This is true whether you're the one issuing the invoice or you're the recipient.

#Statement of outstanding invoices plus#

Total amount due plus sales taxes and/or feesĪs a business owner who sells products or provides services, invoices are an integral part of your bookkeeping.Itemized list of goods and services delivered - includes price, quantity, and a brief description.All acceptable payment methods (cash, check, credit card, debit, etc.).Payment due date and payment terms (if applicable).Customer's name and contact information.Business name, business logo, contact information (phone number, address, website).

Here are details commonly found on a sales invoice: Invoices are either recurring - generated on a contractual or regular basis - or created for a one-off sale. Its purpose is to create an obligation on the part of the buyer to pay. What Is an Invoice?Īn invoice is a legal document that a seller sends to a buyer to request payment for a specific transaction. We'll also discuss the key differences that set them apart. In this article, we'll detail what these two documents are and what's included in each. You probably encounter invoices and statements in your day-to-day operations as an issuer or a recipient.Īlthough there are similarities between the two documents, their functions and intent are not similar. Statements and invoices are both commonly used by large and small businesses.