Thursday, December 28, 2023
An invoice and a receipt are both documents related to the process of buying and selling, but they serve different purposes.
If you have to choose between an invoice and a receipt for tracking expenses, a receipt is generally more suitable because it is direct evidence that a payment has been made. It confirms that the transaction has been completed and the expense has actually occurred.
Invoice: A request for payment for goods or services rendered.
Receipt: Proof of payment for goods or services purchased.
Invoice: Issued before payment, often to initiate a payment process.
Receipt: Provided after payment as confirmation that payment has been received.
Both the invoice and the receipt can be legally binding documents.
Invoice: Indicating an obligation to pay.
Receipt: Serves as evidence that a transaction has occurred.
For reconciling bank statements and during audits, receipts provide the necessary proof of payment, making them essential for validating expenses for your business.
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