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What a way to start your Monday morning! With dread you face a great stack of envelopes in your in-basket. Before opening any more envelopes that probably contain still more bills, you pour yourself another cup of coffee and settle down to figuring out how much you need to pay and when. In the world of business, most purchases are not paid for in cash. Instead, businesses tend to work through an invoicing system in which they send out bills to their clients on a regular basis. In accounting, this means that the purchase is placed into accounts receivables until such time as a cheque arrives and the purchase is converted to cash. Invoices provide detailed transaction information, listing the amount owed and also indicating the terms on which payment is expected.

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When businesses, including those within the supply chain, sell goods and services, they often do so on credit. This practice allows buyers to receive goods immediately but pay for them later. The total amount due for these purchases is indicated on the invoice and typically has a set credit period before payment is required, commonly 30 or 60 days after the invoice date.

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7.4: Invoicing - Terms of Payment and Cash Discounts

An invoice for the goods is sent, and the seller specifies payment terms on the invoice. This lesson includes:. The business selling the goods can offer a cash discount to encourage prompt payment.

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