What is Invoice?
Business Terms
Explained Simply
In South Africa, a valid tax invoice must include: the words "Tax Invoice", supplier's name and VAT number, recipient's name and VAT number (if over R5,000), invoice date, description of goods/services, quantity, price, VAT amount (15%), and total. Invoices must be issued within 21 days of the supply. For supplies under R5,000, a simplified "abridged" tax invoice is acceptable. Accounter generates SARS-compliant invoices automatically.
Related Terms
- Credit NoteA credit note is a document issued by a seller to a buyer to reduce the amount owed, typically due to returned goods, overcharging, or an agreed discount after the original invoice was issued.
- Accounts ReceivableAccounts receivable (also called debtors) is the money owed to a business by its customers for goods or services that have been delivered but not yet paid for.