Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.
Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.
Following steps should be taken..
► Validate the invoice once it is matched for checking any holds..
► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not required(status in case WF is not implemented) you can go for payments.
► Create accounting after approval of invoice..
Finally for payments u need to format, build.
Invoice is a statement which contains the under mentioned details compulsorily.
1. Invoice Number
2. Invoice date
3. Name and address of the person
Name and address of the person to whom invoice is made. ( Buyer of goods and service)
5. Description of goods / services involved
6. Applicable rates and taxes with percentages
7. Rate of the goods / services
Quantity of the goods and services
9. Quality or any other specifications
10. Price / Value of the goods and services
11. Invoice must be signed by the person making it
12. Terms and conditions of making the payment
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account.
Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.
Consignor is the person who is the owner of the goods and who deliver the goods to the consignee.
Consignee is the person who receives the goods and he just possesses the goods and not the owner.