What is meant by Outgoing invoices?
The term "outgoing invoices" refers to invoices that a company issues to its customers for goods delivered or services rendered. These invoices are a crucial part of accounting and serve to document and bill business transactions. They typically include information about the products or services provided, quantities, prices, VAT, and payment terms.
Typical software functions in the area of "outgoing invoices":
- Invoice Creation: Automated generation of outgoing invoices based on sales orders or contracts.
- Invoice Adjustment: Ability to adjust invoices to correct errors or add additional items.
- Payment Terms Management: Management and specification of payment deadlines, discounts, and due dates.
- VAT Calculation: Automatic calculation of VAT according to applicable tax laws.
- Invoice Dispatch: Electronic or postal sending of invoices to customers, including the option to send invoices via email or make them available through a customer portal.
- Invoice Archiving: Storage and management of all outgoing invoices for future reference and legal requirements.
- Reminder Creation: Automated creation and sending of payment reminders and dunning letters for overdue invoices.
- Reporting: Generation of reports for analyzing invoice data, outstanding receivables, and payment receipts.
- Accounting Integration: Integration of invoice data with accounting systems for automated booking and financial reporting.
- Payment Receipt Verification: Checking payment receipts and matching them to the corresponding invoices.