What is Invoice?
Definition
An invoice is a commercial document issued by a seller to a buyer, detailing the products or services provided, quantities, prices, and payment 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 Note
A 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 Receivable
Accounts 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.
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