Submitted by: Submitted by elletnah21
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Category: Other Topics
Date Submitted: 02/21/2013 06:28 PM
An invoice
An invoice is a non-negotiable commercial document issued by a seller to a buyer. 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, invoice serves as a demand for payment and becomes a document of title when paid in full. Types of invoice include commercial invoice, consular invoice, customs invoice, and pro forma invoice. Also called a bill of sale, contract of sale, statement or sales invoice.
Credit Note
A form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
A credit note is issued in various situations to correct a mistake. For example,
(1) an invoice amount is overstated,
(2) correct discount rate is not applied,
(3) goods spoil within guaranty period, or
(4) they do not meet the buyer's specifications and are returned.
It is also called credit memo.
Debit Note
A document used by a purchaser to inform a vendor of the quantity and dollar amount of goods being returned, and requesting that the dollar amount be returned to the purchaser. A debit note is often used to return goods on credit. The vendor then issues a credit note to the purchaser indicating that the goods have been received, and that the purchaser will not have to pay for them.
Also known as a "debit memo".
Cheque
A cheque is an important document that an individual, companies, governments and many others use to transact their business. By definition, cheque can be termed as a negotiable document to transfer money either in physical form or to effect inter account transfer.
OR
A cheque is an instruction in writing from an account holder to their bank to pay a specified sum of money to a designated beneficiary.
Receipt
It is a formal, written acknowledgment that something of value such as a specified article, sum of money or...