Invoicing is when invoices are produced and sent to customers. The receivable, payable, income and expense values all come from creating the invoice. To learn about how we use your data, please Read our Privacy Policy. The noun invoice means a list of products or services that the customer needs to pay. Definition: Invoice approval, also called check authorization, is a document that lists the steps and documents required before an invoice can be paid. That is, the company provides a bill to the client for each time he/she buys goods and services. You’re currently on our US site. You may disable these by changing your browser settings, but this may affect how the website functions. Select your regional site here: An invoice and a bill are documents that convey the same information about the amount owing for the sale of products or services, but the term invoice is generally used by a business looking to collect money from its clients, whereas the term bill is used by the customer to refer to payments they owe suppliers for their products or services. An invoice is a document or electronic statement stating the items sold and the amount payable. When you hire someone or you have services (cable, phone, tv, water, etc…) you will receive BILLS from them. • A bill, on the other hand, is a request for immediate payment. To send an invoice to; bill… Invoice Billing A system of billing a client according to goods and services provided. 2. An invoice is a legally-binding document (assuming both sides have agreed to the payment and other terms) that a supplier sends to the buyer after the goods or services have been provided. Businesses provide clients with estimates before any work has begun and before any money is due for payment. Creating the invoice means you will do 3 later transactions: Invoices, however, are presented to a client when work has been completed on a job and payment is due. But for some, there’s this idea that invoices and bills are two separate things. Invoice definition is - an itemized list of goods shipped usually specifying the price and the terms of sale : bill. Agency Bill (Broker Bill) processing is the process of entering Agency Bill invoices, entering broker payments, and then reconciling the policies against the company accounts agency bill statement. An invoice is a document issued by a seller to a buyer that lists the goods or services that have been supplied and says how much money the buyer owes for them. Definition: An invoice is a record of a sale or shipment made by a vendor to a customer that typically lists the customer’s name, items sold or shipped, sales price, and terms of the sale. Take a look at our guide on “Why You Should Invoice Online.”. In other words, it’s an itemized statement the reports the details of a sale for the buyer and seller’s records. The invoice will show the goods ordered and purchased, their quantity, their unit and total … It is an invoice that you need to enter as a bill that they expect you, as their customer, to pay. It is also called a bill. 1. noun 1. account, charge, bill, statement, balance, register, reckoning, tally, inventory, computation We will send you an invoice for the total course fees. Whereas an invoice requests payment for products sold or services rendered by a business, an estimate does not seek payment but rather offers a quote for future services and outlines the amount those services would cost the client. By continuing to browse the site you are agreeing to our use of cookies. This is known as ‘Billing From’ and ‘Dispatching From’. The invoice usually states the names of the counterparties and the goods and/or services purchased, and adds any applicable sales tax or VAT. It is an invoice your vendors send to collect money from you. A pro forma invoice is a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods. 5 synonyms of invoice from the Merriam-Webster Thesaurus, plus 14 related words, definitions, and antonyms. Businesses send out invoices to customers, or invoice them for products and services. An estimate is a proposal detailing what future services would cost the customer. And there’s another key difference between how people use the terms “invoice” and “bill”. 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