Invoices
  • Entities
    • How do I create a new entity?
    • How do I edit an existing entity?
  • Invoices
    • Create the invoice for an entity
    • Edit the existing invoice
    • Filter invoices
    • Status of Invoices
    • I don't want to send Invoice from eProcessify Invoices. How can I mark invoice as sent?
    • How do I download an Invoice PDF?
    • Printing Invoices
      • How do I print an Invoice?
      • I want to print the transportation copy and the customer copy separately. How can I do that?
    • Set the due date of Invoice
    • Add bank details on the Invoice
    • Hide or show payment terms on the Invoice
    • Add E-Signature to the Invoice
    • Export invoices to an Excel sheet
    • Proforma Invoice
      • How do I send a Proforma Invoice?
      • Convert a Proforma Invoice to a Tax Invoice
      • View all Proforma Invoices
    • Invoice Numbering
      • Set Invoice Number format and Invoice Prefix
      • Set the Invoice number manually
      • I am starting in the middle of FY. How can I set my numbering?
    • Cancel Invoice
  • Payments
    • How do I add payment to an invoice?
    • How do I send a payment receipt to the customer?
    • Edit or Delete the payment
    • View all payments
    • Export payments to an excel sheet
  • Clients
    • How do I add a new client?
    • How do I edit an existing client?
    • Custom Fields
      • How do I create a custom field?
      • How do I edit an existing custom field?
      • How do I set custom field values while adding a new client?
      • How do I upload a document in a custom field with the type Image/Document?
    • Contacts
      • Create a contact and assign it to an existing client
      • Edit a contact
      • Unassign a contact from the client
      • Assign a contact to the client
  • Team Members
    • Invite team members
    • Access Roles
  • Invoice Items
    • How do I create or add an Invoice item?
    • Edit an Invoice item
    • Delete Invoice item
  • Tax Presets
    • Add Tax Preset
    • Default Tax Preference
  • Reminders
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Invoices

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Last updated 9 months ago

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What is an Invoice?

An invoice is a document issued by a seller to a buyer that requests payment for goods or services provided. It serves as a legal record of the transaction and includes important information such as the cost of the products or services, payment terms, and contact details for both parties.

Essential Information on an InvoiceTo ensure an invoice is complete and effective, it should include the following essential information:

  • Invoice Date: The time-stamped date on which the goods or services were billed and the transaction officially recorded. The invoice date provides essential payment information, such as the credit duration and due date of the bill

  • Invoice Number: A unique identifier is assigned to each invoice. The invoice number helps track and reference the invoice for future correspondence and record-keeping purposes

  • Seller and Buyer Information: The invoice should clearly state the name, address, and contact information of both the seller and the buyer. This information establishes the context of the transaction and ensures accurate communication.

  • Description of Goods or Services: An itemized list that provides a clear description of the goods or services rendered, including quantities, unit prices, and total prices for each line item

  • Payment Terms: The invoice should specify the payment terms, including the due date and any applicable discounts or late payment penalties. This information helps the buyer understand when and how to make the payment.

  • Additional Financial Elements: Any additional financial elements, such as taxes, shipping charges, or discounts, should be separately enumerated and added to the subtotal to calculate the total amount due.

Including this information on an invoice helps ensure that both parties have the necessary details for payment and communication, and it also helps with regulatory compliance. eProcessify and InvoiceseProcessify is a platform that allows users to generate and manage invoices for multiple entities from a single account. This can be beneficial for businesses that have multiple legal entities or engage in commercial activities under different names. By using eProcessify, users can streamline their invoicing process and have a centralized system for managing invoices across different entities. This can help improve efficiency and organization when it comes to invoicing and financial management.

In conclusion, when generating an invoice, it is important to include essential information about the business entity to ensure legal compliance and clarity for both parties involved. This includes the full legal name, business address, contact information, business registration number, and optionally, the business logo. Platforms like eProcessify can help businesses manage invoices for multiple entities from a single account.