Each invoice has components which you need to know. These could be different for different businesses, however, the fundamentals will remain the same.

  • Invoice Type – like vendor invoice, PO / non-PO invoice, Tax invoice (refer http://faoblog.com/processes-ap-invoice-processing-types/ and http://faoblog.com/processes-ap-invoice-processing-types-2/ for details)
  • Date of issue of the invoice
  • Invoice number – Unique number for the invoice
  • Vendor / seller details – Name, details and contact address (with a special focus on the jurisdiction from where the material is being dispatched)
  • Tax registration details, including details of company registration number of the seller
  • Buyer details – Name, details and contact address of your client (with special focus on the location where material is received)
  • Tax registration details, including details of company registration number of the buyer – your client’s unit (some jurisdiction authorities mandate printing of this number)
  • Date on which the good or service was sold
  • Date on which the good or service was delivered
  • Purchase order number (where a PO was placed on the vendor / seller)
  • Description of the goods or services rendered
  • Unit price of the good or service
  • Total price of each item
  • Total amount owed or charged (with breakdown of relevant taxes)
  • Relevant tax inclusions like Sales & Use Tax, GST, VAT, service tax etc.
  • Terms of payment –
    • Cash or credit
    • Method of payment
    • Due date of payment
    • Details of any late payment and banking details
    • Early payment discounts

——————————————————————————————————-

Did you read the post on the IFRS Blog yesterday on IFRS – Exceptions] – Fair value or revaluation as deemed cost. Here is the link http://faoblog.com/ifrs/ifrs-exceptions-fair-revaluation-deemed-cost/