Billing and Invoice
Billing and Invoice is an important module of Logistic Software(LogiExcel): A complete integrated ERP for logistic providers developed by Raygain Technologies Pvt ltd. Where a Billing and Invoice is a commercial document issued by a Seller to the Buyer, indicating the Products, quantities and agreed prices for Products or services the Seller has provided the Buyer.
Raygain product An Invoice indicates the buyer must pay the seller, according to the payment terms The buyers has a maximum amount of days to pay for these goods and is sometimes offered a discount if paid before the due date. In the rental industry, an invoice must include a specific reference to the duration of the time being billed, so rather than quantity, price and discount the invoicing amount is based on quantity, price, discount and duration. Generally speaking each line of a rental invoice will refer to the actual hours, days, weeks, months, etc. being billed. From the point of view of a seller, an invoice is a sales invoice. From the point of view of a buyer, an invoice is a purchase invoice. The document indicates the buyer and seller, but the term invoice indicates money is owned or owing.
Billing :
- The process of sending a bill (also called an invoice or accounts receivable) to customers for goods or services is called billing. The bill may be attached to the goods or forwarded separately.
- Electronic Billing (also called EBPP or electronic bill presentment and payment), in which the bill is sent to the customer and the payment received over the Internet.
Electronic Invoices :Some invoices are no longer paper-based, but rather transmitted electronically over the Internet. It is still common for electronic remittance or invoicing to be printed in order to maintain paper records. Standards for electronic invoicing vary widely from country to country. Electronic Data Interchange (EDI) standards such as the United Nation's EDIFACT standard include message encoding guidelines for electronic invoices.
Invoice contains :
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A unique reference number (in case of correspondence about the invoice).
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Date of the invoice.
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Tax payments if relevant (e.g. GST or VAT).
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Name and contact details of the seller.
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Tax or company registration details of seller (if relevant).
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Name and contact details of the buyer.
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Date that the product was sent or delivered.
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Purchase order number.
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Description of the products.
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Unit prices of the products (if relevant).
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Total amount charged (optionally with breakdown of taxes, if relevant).
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Payment terms (including method of payment, date of payment, and details about charges for late payment).
Organizations purchasing goods and services usually have a process in place for approving payment on the invoice based on an employee's confirmation that the goods or services have been received. Typically, when paying an invoice, a remittance advice will be sent to the supplier to inform them their invoice has been paid.
