What are Different Types of Invoices?

We answered your question about what are freight invoices last time. Let’s take a look at the varieties of invoices today. Invoices varies depends on industries, transactions and countries. We can divide the most used invoices[1] as below:

  • Divided by Industries:

Timesheet is used for hourly services, such services provided by lawyers and consultants often pull data from a timesheet.

Progress billing used to obtain partial payment on extended contracts, particularly in the construction industry.

Invoicing The term invoicing is also used to refer to the act of delivering baggage to a flight company in an airport before taking a flight.

Continuation or Recurring Invoicing is standard within the equipment rental industry, including tool rental.

Commercial invoice a customs declaration form used in international trade that describes the parties involved in the shipping transaction, the goods being transported, and the value of the goods.

Invoices-icon

  • Divided by Transactions:

Pro forma invoice in foreign trade, a pro forma invoice is a document that states a commitment from the seller to provide specified goods to the buyer at specific prices. It is often used to declare value for customs. It is not a true invoice, because the seller does not record a pro forma invoice as an accounts receivable and the buyer does not record a pro forma invoice as an accounts payable.

Credit memo if the buyer returns the product, the seller usually issues a credit memo for the same or lower amount than the invoice, and then refunds the money to the buyer, or the buyer can apply that credit memo to another invoice.

Debit memo when a company fails to pay or short-pays an invoice, it is common practice to issue a debit memo for the balance and any late fees owed. In function debit memos are identical to invoices.

Nowadays many invoices are no longer paper-based, but rather transmitted electronically over the Internet. Intune Logistics focuses on top-notch technology. By highly automating the labor-intense freight invoice auditing activities, we are able to dramatically save clients time and money. Questions? Contact us here.

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