This article has been updated from its original publication date of September 19, 2017. That way, you can speed up cash flow at your small business. Looking for an easy way to handle invoices? Patriot’s online accounting software lets you create and track unpaid invoices. But, customers who pay at the point of sale will not receive an invoice. You give a receipt after the customer has paid for a good or service.Ĭustomers who receive an invoice will also receive a receipt when they pay. You give an invoice after the customer receives their good or service. So, what is the main difference between an invoice and receipt? At-a-glance difference between invoice and receipt Because they have a receipt, you can verify the purchase and exchange the shirt for cash. A week later, the customer returns one of the shirts they bought. You need to give them a receipt since you made a sale and accepted the cash payment. They pay you with cash at the point of sale. Store business receipts for at least three years. And, you need records if you are audited. These supporting documents ensure that your accounting books are accurate. And, keep all the receipts you receive from vendors.
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