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What are the differences between billing document and
invoice?
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Answer Posted / gautamlalwani
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.
A bill is a document requesting payment for goods previously
supplied. This presentation of a bill is common practice on
the part of restaurants, credit card companies, utilities,
and other service providers. The bill for something is the
total price of all services and goods received but not yet
paid for, and is presented in the expectation of immediate
payment in full. If a bill is not paid, a collections
company is usually given the responsibility of collecting
the amount due and service is terminated. Under English law,
a person who makes off without paying the bill, or who
dishonestly secures a remission in the amount payable,
commits an offence under the Theft Act 1978. When a company
cannot pay its bills, it is said to be insolvent.
| Is This Answer Correct ? | 36 Yes | 4 No |
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