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.
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