Invoice

Business, Legal & Accounting Glossary

Definition: Invoice


Invoice

Quick Summary of Invoice


An itemized bill for services rendered or products ordered. Also used as a verb to describe the act of billing.




What is the dictionary definition of Invoice?

Dictionary Definition


A list of goods sent or services provided, with a statement of the sum due for these; a bill.

  1. A bill; a commercial document issued by a seller to a buyer indicating the products, quantities and agreed prices for products or services that the seller has already provided the buyer with. An invoice indicates that, unless paid in advance, payment is due by the buyer to the seller, according to the agreed terms.
  2. The lot or set of goods as shipped or received.

Full Definition of Invoice


An Invoice is a commercial document issued by a Seller to a Buyer, indicating the products, quantities and agreed prices for products or services that the Seller has already provided the Buyer with. An Invoice indicates that, unless paid in advance, payment is due by the Buyer to the Seller, according to the agreed terms.

It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts (if any), and delivery and payment terms.

In certain cases (especially when it is signed by the seller or seller’s agent), an invoice serves as a demand for payment and becomes a document of title when paid in full.

Types of invoice include a commercial invoice, consular invoice, customs invoice, and pro forma invoice.

The Invoice usually contains PO #, Date, Billing Address, Shipping Address, Terms of Payment, List of products with quantities and prices.

Invoices are sometimes called Bills.

If the buyer returns the product, the seller usually issues a Credit Memo for the same or lower amount than the invoice and then refunds the money to the buyer.

Invoices for hourly services work (such as by lawyers and consultants) often pull data from a timesheet.


Examples of Invoice in a sentence


The warehouse supervisor is responsible for carefully checking the delivery against the invoice before authorizing payment.

If the billing department does not get the invoices mailed out before the end of the month, the customers’ payments cannot be credited against that month’s accounts.
She invoiced the company for her expenses.


Synonyms For Invoice


bill of sale
contract of sale
bill, account
check
charge
billing


Related Phrases


debit note
gross sales
prebilling


Invoice FAQ's


What Is An Invoice?

A bill issued by one who has provided products and/or services to a customer. In asset-based lending, invoice means account receivable.


Cite Term


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Page URL
https://payrollheaven.com/define/invoice/
Modern Language Association (MLA):
Invoice. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 23, 2024 https://payrollheaven.com/define/invoice/.
Chicago Manual of Style (CMS):
Invoice. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/invoice/ (accessed: April 23, 2024).
American Psychological Association (APA):
Invoice. PayrollHeaven.com. Retrieved April 23, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/invoice/

Definition Sources


Definitions for Invoice are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 11th August, 2022 | 0 Views.