Use an invoice template to create invoices for your customers who have agreed to pay for the items listed on the invoice.
The invoice is essential to a vendor or merchant because it documents outstanding bills and outgoing inventory. After paying the bill, the paid invoice also records any taxes collected (in the United States, mostly the state sales tax collected) and other charges (such as shipping costs) separately from the business income. The invoice usually contains the seller's contact information and the buyer's billing information (billing address).
Invoices are used for:
Tracking sales
Tracking inventory
Predicting future sales
Requesting payments from buyers
Tax filings based on business revenue
An invoice is a commercial document recording a transaction between a seller and a buyer. An invoice lists items (goods and services) sold and may contain acceptable payment methods and due dates.
Depending on the context and preferred lingo, an invoice may also be known as:
Statement
Statement of Charges
Bill
Reckoning
Before anything else, you need a template to generate invoices for your company. The seller sends an invoice to a buyer containing a list of items sold, unit cost, payment terms, shipping and handling, and other terms. In turn, the invoice is an expense record for the buyer.
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Invoices are crucial for any business as records of payments or receipts for goods and services. With a suitable invoice template containing your company's information, you can generate invoices customized for each of your customers.
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To create your invoice template, please provide:
Invoice information: This includes the invoice number and date and, optionally, the account number and purchase order.
Customer information: Name and address of the purchasing company or individual. You can add a contact person for a business customer.
Customer Shipping Information: Select if the shipping address is not the same as the billing address.
Seller information: The name and address of the seller. The fax number and email address are optional.
Items list: Line by line, the description of the item sold, quantity, and unit price.
Sales Tax: Define the sales tax to be collected in percentage (according to the state).
Shipping: The shipping cost, if applicable.
Other Charges (Optional): If there are additional charges, list them and the charges individually.
Discount (Optional): Any discount offered, if applicable.
Payment: Accepted payment methods may include credit and debit cards, cash, cashier's check/money order, personal check, PayPal, and more. Also, select if the payment is flexible or has a due date.
Shipping Date (Optional): Desirable if the items are to be shipped.
Invoice Number: A number assigned by the seller with which to identify the invoices.
Billable Expenses: Expenses incurred by the seller and which can be charged to the customer.
Sales Tax: According to the state, the seller is required and registered to collect sales taxes. The no-sales-tax states are Oregon, Alaska, New Hampshire, Montana, and Delaware.
PO: A purchase order is a contract for selling and purchasing goods and services. In practice, the purchaser or customer issues a purchase order to the seller, which bills the purchaser with an invoice.
Net 30: The payment term indicating the invoice is to be paid within 30 days of receipt. Standard terms include net 10 (within ten days), net 15 (within 15 days), and more.
In general, signatures on invoices are not required. There are instances where the seller or the buyer may be asked to sign an invoice. For example, a seller may ask a buyer to sign an invoice to confirm the goods' receipt.
After generating your invoice template on 360 Legal Forms, download and use it to create invoices for your customers. The seller and the buyer keep their copy of the invoice, which is needed for bookkeeping and potential dispute resolution.
Typically, notarization is not required.
A bill and an invoice may be considered the same but that is not always the case. The main differences are:
Bills are the sum of all invoices due. A seller that issues multiple invoices to a customer can also send a bill that indicates the total due.
To the layman, a bill and an invoice may be interchangeable.
Some industries favor bills over invoices, which include accountancy and law.
While invoices are traditionally printed and physically sent to customers, businesses are adopting electronic invoicing at a rapid pace. By content, e-invoices are the same as printed invoices but with certain advantages:
Reduction of paper use, which saves money and helps to portray the company as eco-friendly.
E-invoices are not prone to physical damage
Easier to sort and reproduce
Quicker data collection
Easier to audit
There are several e-invoicing standards, including UBL and EDIFACT. Digital invoices can be sent via an app, web page, or email.
A purchase order is created by a company as a request for goods and services from a vendor. After receiving a purchase order, a vendor would deliver the goods and services ordered and asks for payment with an invoice. A purchase order would contain similar information as the invoice, including the:
date when the PO is issued
information of the issuer of the PO
information of the vendor receiving the PO
delivery address
delivery date
description of goods and services
quantity and unit and total costs
payment terms
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