A bill of lading is a legal document that outlines the details of a freight shipment, including the type of goods transported, the quantity of goods, the total cost, and the shipment’s final destination. Because it’s a legal document, the bill of lading also serves as a binding contract...
An invoice is a dated bill prepared by the seller of goods sold (or services provided) which includes brief descriptions of the items, quantities of items and their unit prices, extensions (quantities X prices), the total amount, and the payment terms
How does invoice reconciliation work? Learn more about the benefits of invoice reconciliation in our guide.
Building your own billing system is unnecessarily complex and expensive. For example, you need to make sure you can correctly bill the customer based on the pricing model (flat-rate billing or tiered pricing, for example), manage billing and prorations across a customer’s lifecycle (upgrades a...
Is the remaining balance going to be paid later? Did you offer a discount for early payment? Has the supplier under- or over-charged? Has an amount been rolled over from a previous balance? What Are Invoicing and Reconciliation? Invoicing is the process of creating an itemized bill for good...
What is a reconciliation report in accounts payable? Accounts payable reconciliation is a record-matching process. You confirm that the AP account balance in your general ledger matches the total of accounts payable according to your vendors. ...
Building your own billing system is unnecessarily complex and expensive. For example, you need to make sure you can correctly bill the customer based on the pricing model (flat-rate billing or tiered pricing, for example), manage billing and prorations across a customer’s lifecycle (upgrades ...
(Under the cash basis of accounting, revenues are not reported on the income statement until the cash is received.) Also under the accrual basis of accounting, expenses are reported on the income statement when they match up with the revenues being reported, or when a cost has no future ...
Customer reconciliation is verifying that accounts receivable records match customer account statements. Inventory Recording inventory (and related accounts payable) transactions may lag, requiring accruals through a cut-off date after month-end. Physical inventories are conducted annually and through more ...
Bank reconciliation is a process in accounting where a company double-checks their accounts with their financial institution’s bank statement