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Invoice Definitions
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Knowledgebase Invoicing Invoice Definitions

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Introduction to Invoice Definitions

Invoicing terminology is crucial for efficient financial management and clear communication with clients. Within an invoicing system, terms and statuses provide structure and transparency, allowing both parties to understand payment expectations, deadlines, and the current state of each transaction. Invoice terms establish when payment is due based on specific conditions agreed upon with the client, helping to set clear expectations from the outset. Statuses, on the other hand, serve as indicators of the invoice’s journey—from issuance to payment and closure—helping businesses track outstanding payments, avoid missed due dates, and follow up on overdue invoices effectively. Having well-defined invoice terms and statuses is not only important for internal tracking but also for fostering tru...

Invoice Terms

  Invoice terms specify the due date for payment, typically defined as a set number of days from the invoice issue date. Here are some standard terms:   NET 30, NET 60, NET 90: Payment is due within 30, 60, or 90 days from the invoice date, respectively. COD (Cash on Delivery): Payment is expected at the time of delivery. PIA (Payment in Advance): Payment is required before the goods or services are provided. PLAN: A custom payment plan, allowing for instalment or other specified arrangements as per the client agreement.          

Invoice Statuses

  Invoice statuses allow users to track the current state of each invoice. The status will automatically update based on payment activity, giving users a quick overview of where each invoice stands. Below are the common statuses:   Open: The invoice has been created but remains unpaid. This is the default status when an invoice is issued. Due: The payment deadline is approaching, and the invoice is due soon. It serves as a reminder for timely payment. Past Due: The invoice payment is overdue. This status appears when the due date has passed, signaling the need for follow-up. Paid & Open: The invoice has been partially paid, or additional charges are pending, but it is not yet finalized as "closed." Paid & Closed: The invoice is fully paid, and no further actions are required. This ...