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What is Invoice
Invoice is a document issued by the seller to the buyer for the delivered services or goods.

Invoice (Bill) is a document issued by the seller to the buyer for the delivered services or goods. The invoice shows the delivered number (quantity), the subject of trade (service or product), price and expiration date, and form of payment. The invoice usually includes basic identification information of the buyer and seller.

  • Pro forma invoice
  • Advance Invoice
  • Electronic Invoice

Invoice in practice: Invoice is used in business relations as a document based on which the customer pays. The usual process is that the invoice is paid upon delivery of products or services. (In the case of goods, the invoice is included in the documents provided). Subsequently, the customer pays up to date based on the invoice. Payment on invoice requires a certain degree of trust in business, because the customer already has the goods or services supplied and suppliers will still apply. In developed countries, the invoice is commonly used, although in practice sometimes there is a problem with breaking the invoice due date and late payment.

Invoice is not exactly given by legislation, the specific requirements may vary state to state, however eligibility of invoices applies in business relations across countries. Thus, for example, an invoice issued in the U.S. is recognized in the European Union.

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Last update: 14.11.2015

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