Sign In

For the sake of quality, our forum is currently "Restricted" to invitation-only. In case if you wish to join our forum, please send an email seeking an invitation to "[email protected]".

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Captcha Click on image to update the captcha.

You must login to ask question.

What is an Invoice or a Bill?

Invoice or Bill

An invoice is a document created by the seller as evidence of a sales transaction between a buyer and the seller. It is often prepared in case of a credit sale. Nowadays invoices are prepared with the help of ERPs i.e. in a digital format yet they can also be prepared on paper.

It is a non-negotiable commercial document and normally contains details such as;

  • Date of transaction
  • Unique Identification Number
  • Details of Buyer
  • Quantity Sold
  • Price Per Item
  • Short Description of Items Sold
  • Amount
  • Taxes
  • Terms of Payment
  • Signature of the Authorized Party

The terms are synonymous to each other, nevertheless, it is commonly accepted that an invoice is created whereas a bill is received. It may look similar to a cash memo, however, a cash memo is only used for cash sales.


Template of Invoice or Bill

Invoice or Bill Template

The original copy is provided to the buyer whereas the duplicate is preserved by the seller as evidence of the transaction. A bill acts as a source document at the time of preparing journal entries


>Read Promissory Note