An invoice is a non-negotiable piece of paper or file issued by the seller or buyer. It includes the trading parties, the items or services sold, date of item/services shipped or completed, process and discounts and payment terms.
It’s a form of invoice sent to buyers to state the price of the items or services in advance. It should be not marked as account receivable or payable since it is just a form of preliminary bill of sale. It might be issued for several reasons: customs purposes, imports, asking for advance payments.
Credit memo is usually issued when the buyer returns products or wants a refund for services from the seller. Credit memo can be the same or lower amount than the invoice. Then the seller can refund the money to the buyer or the buyer can apply the credit memo to another future purchase.
Debit memo is an invoice issued after the initial invoice, in case the amount on the original invoice is too low, or if the company fails to pay the invoice. Thus, the debit memo is essentially billing for the amount that should have been included in the original invoice.
A statement includes various payment and balance information between seller and buyer for a specific period. A statement can be used to request payment for charges over a specific time period.
With Toggl Track, you’ll bring order out of chaos. You’ll spot the things that are pushing you forward, and the things that are holding you back. And above all, you’ll make better, more informed decisions.
Sign up for a free account with Toggl Track and discover a better way of working. Here are some of the features you’ll enjoy with a free account:
When you’re working, Toggl Track works with you. It only takes one click to start a new time entry. Not a fan of real-time tracking? Use the Manual or Calendar modes to add time after-the-fact.
At a glance, Toggl Track shows you what you need to know, when you need to know it. All reports can be exported into CSVs or PDFs.
Toggl Track works with 100+ app integrations. Less navigating between tabs. Less distractions. More focus.
With our Toggl Track desktop app, you can automatically track your apps in the background and enable reminders to remind you to track time so you won't forget.
Teams of 5+ are eligible for a personalized demo to see how Toggl Track can meet your time tracking goals