Recurring Invoice

What is a Recurring Invoice? A recurring invoice is an invoice a supplier issues for the same goods or services at regular intervals, such as monthly rent, software subscriptions, retainers, and utilities. Also called a recurring bill, it is predictable by contract, so accounts payable can validate it against the agreement and the previous period […]

Tax Invoice

What is a Tax Invoice? Tax invoice is an invoice that carries the details a value-added tax (VAT) or goods and services tax (GST) system requires. Issued by a tax-registered seller, a tax invoice shows both parties’ registration numbers, as well as the tax rate and amount for each line. Consequently, it entitles the buyer […]

Remittance Advice

What is Remittance Advice?  Remittance advice is a notice a payer sends to a supplier stating which invoices a payment covers, the amount paid and any deductions. Also called a payment advice, it travels with or ahead of the payment so the supplier can apply the cash to the right invoices; it is not proof […]

Vendor Statement Reconciliation

What is Vendor Statement Reconciliation? Vendor statement reconciliation is the process of comparing a supplier’s statement of account with the supplier’s balance in your accounts payable ledger. Also called supplier statement reconciliation, it matches invoices, payments, and credits line by line, then explains every difference as an item in transit, a missing document, an error, […]