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Invoice processing : involves the handling of incoming invoices from arrival to payment. Invoices have many variations and types. In general, invoices are grouped into two types: Invoices associated with a company's internal request or purchase order (PO-based invoices) and; Invoices that do not have an associated request (non-PO invoices).
Suppliers offer various payment terms for an invoice. Payment terms may include the offer of a cash discount for paying an invoice within a defined number of days. For example, 2%, Net 30 terms mean that the payer will deduct 2% from the invoice if payment is made within 30 days. If the payment is made on Day 31 then the full amount is paid.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Incentive Fee Contract (FPIF) is a "type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets the defined performance criteria".
A monthly statement can be used as a summary invoice to request a single payment for accrued monthly charges. Progress billing used to obtain partial payment on extended contracts, particularly in the construction industry (see Schedule of values) Collective Invoicing is also known as monthly invoicing in Japan.
The difference between the face value of the invoice and the advance rates serves to protect factors against any losses and to ensure coverage for their fees. Once the invoice is paid, the factor gives the difference between the face value, advance amount and fees back to the business in the form of a factoring rebate. [19]
Advance payments made as a loan are generally repayable but this is not always the case. In Leibson Corporation and Others v TOC Investments Corporation and Others, an English Court of Appeal case in 2018, [3] it was established following principles of contractual interpretation that, in the absence of any specific language to the contrary, an "advance" is not always repayable.
UML class diagram depicting a invoice. Electronic invoicing (also called e-invoicing or einvoicing) is a form of electronic billing.E-invoicing includes a number of different technologies and entry options and is usually used as an umbrella term to describe any method by which a document is electronically presented from one party to another, either for payment [1] or to present and monitor ...
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
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