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Electronic Invoicing
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Definition (Invoice)
An invoice or bill is a commercial document issued
by a seller to the buyer, indicating the products,quantities, and agreed prices for products or
services the seller has provided the buyer. An
invoice indicates the buyer must pay the seller,
according to the payment terms.
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Introduction
An invoice is essentially a detailed bill left by
vendors and outside suppliers for goods or services
rendered to a company. A typical invoice might list
the quantity of each item, prices, billable hours,
service description and a contact address for
payment. An invoice is usually paid through andaccountable department by the posted due date.
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The issuing of invoices
Any taxable person or non-taxable legal person
who makes any supply, other than a supply in
respect of which a tax invoice is required to beissued in terms of article 50, shall provide to the
person to whom the supply is made an invoice,
Thirteenth Schedule.
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The issuing of invoices
Obligation to issue an invoice:
Supplies of goods and services to andpayments onaccount by:
taxable persons and non-taxable legal persons
Supplies (to a.o. non-taxable private individuals): distance sales intra-Community supply of a new means of
transport intra-Community supply of an excise product
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Intra-community supply
Intra-community supply relates to goods suppliedby a business in one European union member state
to a business in another union which have beendispatched or transported form the territory ofcountry to another country as result of such supply
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REGULAR INVOICING = invoice issued by the supplier
SELF-BILLING = invoicing done by the customer:
Prior agreement between parties
Procedure for the acceptance ofeach invoice by the
supplier/service provider The use of self-billing is subject to a (prior) approvalby the
Commissioner, except when the customer is the personliable for the tax on the supply concern.
OUTSOURCING = invoice issued by a third party in nameand for the account of one of the parties of a transaction
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E-invoicing
The automated process of issuing, sending,
receiving and processing invoice data by
electronic means.
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E.Invoicing
Modern, reliable, secure and practically paperless method
of handling and processing invoices for goods, services andother transactions.
Both companies and private consumers can receiveinvoices in electronic format.
Effective and cost-efficient, and has potential for greatsavings
E-invoicing can halve invoicing costs compared to invoicingwith printed invoices
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E.Invoicing
Distribution of invoices mainly by eInvoice operators
Contracts between operators
B-2-B
RosettaNet specification implemented especially in
electronic industry
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How the E.invoicing Forum Works?
The main focus is to develop co-operation betweenor Fum
member organizations in the area of eInvoicing
Promote and accelerate the development between differentparties and to increse co-operation and information sharing
Find the acute areas and topics that need to be operated on
Twice a year a free-of-charge meeting for members
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Electronic invoicing (EDI)
Invoice
Order Acknowledgment
Purchase Order
Price QuoteBuyer Seller
EDI
(Closed) Network
Payment
Instruction
Payment
Network
Payment
Processing & Settlement
Advice
Payment
Originating BankR
eceiving Bank
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Benefits ofE-Invoicing
There are no printing and envelope costs of paper
invoices and putting them in the envelope. There are no mailing costs associated with e-
invoicing
There are no costs associated with opening invoiceletters
Time and money is also saved with easy fast filingand retrieval in computer systems
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Extremely Easy to use
Credit card and/or ACH (electronic check)acceptance.
Send unlimited invoices
Email or print invoices
Direct deposit of funds into checking account
Automated recurring invoicing
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Automated past due reminders
Automated email receipts
Convert invoices and receipts to PDF for electronicfiling
Customize frequency of recurring invoices and pastdue reminders
Customize email content of invoice and past duenotices
Payment and status reports of outstanding, paidand past due invoices
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Tip field for food/catering businesses (optional)
Ability to post promotional messages to Website
portal Web-based solution; No software to download or
maintain
Customizable tax rate
Attach document files to emails Ability to monitor receivables across multiple
business units (Franchise Manager