Cuenta Business Solutions’ Post

Invoice issuance requirements based on Section 31(1) of the Act: Goods Involving Movement: When: At or before the removal of goods. Goods Not Involving Movement: When: At or before delivery to the recipient. Continuous Supply of Goods: When: Before or at the time of issuing a periodical statement or receiving a periodical payment. Approval for Sale/Return Basis: When: Before or at the time of supply, or within 6 months from removal, whichever is earlier.

Credit Note vs. Debit Note: Simplified Explanation for Accounting Professionals Credit and Debit Notes are essential tools for invoice adjustments, but they serve opposite purposes. Here's the gist: 🔹 Credit Note: Issued by the seller to reduce the buyer's payable amount. Reasons: Sales returns, overcharges, or discounts. Effect: Decreases the buyer's liability. 🔹 Debit Note: Issued by the buyer to increase the payable amount. Reasons: Purchase returns, undercharges, or added costs. Effect: Increases the buyer's liability. Think of a credit note as a refund and a debit note as an extra charge. #AccountingBasics #FinancialInsights #DebitAndCreditNotes

💷Late payment of supplier invoices results in costs, unnecessary burdens and cash flow difficulties for businesses The Fair Payment Code has been launched (replacing the Prompt Payment Code) allowing businesses to demonstrate their commitment to prompt payment. Find out more https://buff.ly/3OAPKgu

PREPAYMENT INVOICE: What ever the advances we are giving to the supplier,that record we will maintain prepayment invoice. 1)Permanent Prepayment: It’s a advance payment which cannot be adjust against future Invoices.  2)Temporary Prepayment: It’s a advance payment which can be adjusted against future invoices Prepayment Payment Period Status- Before validation:Never validated After validation:Unpaid After pay in full:Unpaid After payment done:available If applied full amount:full applied Prepayment Entries:  1)At The Time Pre-Payment Creation: Prepaid exp-Dr Liability-Cr 2)At The Time payment: Liability Ac-Dr Cash Clearing Ac-Cr 3)At the time of reconiciliation: Cash Clearing Ac-Dr Cash Ac-Cr 4)at the time of standard invoice: Item exp-Dr Liability-Cr 5)PP applied against invoice: Liability ac-Dr PP expense-Cr

What is an invoice and why is it important to have an invoice number? Answer: An invoice is a document sent by a seller to the buyer that shows the quantities and costs of the products or services provided. An invoice specifies how much a buyer must pay the seller based on the seller’s payment terms. An invoice is a statement that has the following things involved in it: Date of the invoice Invoice number given Name and address of the person who is making the invoice (the seller) Name and address of the person who is demanding the invoice (the buyer) Details about all the goods and services that are involved Amount of the goods and services Quantity and quality of the goods and services Other specifications

PREPAYMENT INVOICE: Whatever the advances we are giving to the supplier, that record we will maintain prepayment invoice. 1)Permanent Prepayment: It’s an advance payment which cannot be adjust against future Invoices. 2)Temporary Prepayment: It’s a advance payment which can be adjusted against future invoices Prepayment Payment Period Status- Before validation:Never validated After validation:Unpaid After pay in full:Unpaid After payment done:available If applied full amount:full applied Prepayment Entries: 1)At The Time Pre-Payment Creation: Dr is Prepaid exp a/c. Cr is Liability a/c 2)At The Time payment: Dr is Liability a/c Cr is Cash Clearing a/c 3)At the time of reconciliation: Cr is Cash Clearing a/c Cr is Cash A/c 4)at the time of standard invoice: Cr is Item exp a/c Cr is Liability a/c 5)Prepayment applied against invoice: Dr is Liability a/c Cr is PP expense a/c

Many large freight brokerages implement strict guidelines and standards for the privilege of doing business with them. Conditions and fines are implemented for load tracking, BOL submissions, missed appointments, etc. However, those high standards seem to go out the window when it comes to their accounts payable. 🤫

Maximize cash flow 💰 and accelerate growth🚀 with Invoice Trades Invoice Discounting services. Get your invoices discounted today!  #InvoiceDiscounting #vendorfinance #BusinessGrowth2024 #invoicetrades

Invoice and Payment Terms. An invoice is a document issued by a seller to request payment for goods or services provided. Payment terms outline the agreed-upon timeframe and conditions under which the payment should be made, such as due dates and discounts for early payment. Clear terms help maintain cash flow and foster trust between parties.

In the fast-paced world of transport, paperwork often lags behind, leading to inaccuracies in pricing and delays in invoicing. ConNote changes the game by allowing for back-dating of consignments, ensuring accurate pricing based on the date of shipment. Say goodbye to administrative headaches and hello to faster returns and reduced overhead. https://lnkd.in/gxxcCA-K