C1 - section 11. preparing invoices Flashcards

1
Q

What do you need to prepare a sales invoice?

A

To prepare an invoice you will need the customer master file, this will show details of any discounts offered to this customer.

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2
Q

What is the difference between sales invoice and purchase invoice?

A

The only difference to the invoice is who is looking at it.

Sales invoice is the business producing it.

Purchase invoice is what the customer receiving the invoice would call it.

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3
Q

once the purchase order, delivery note, goods received note and invoice have been received - what should you check?

A

Ensure:

  • Goods received are the goods that were ordered.
  • Check description
  • Quantity ordered and received
  • Check fro continuity across all documents.
  • Check prices and quantities are the same from purchase order to invoice.
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4
Q

What calculations should you check on invoices?

A

All calculations on invoices should be checked, including:

  • All price calculations
  • Any trade discounts/bulk discount calculations
  • VAT calculations
  • total addition of the invoice
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5
Q

What does ‘E & OE’ stand for?

A

E & OE
Errors and omissions expected. The seller is claiming the right to correct any genuine errors on the invoice at a later date.

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6
Q

What does “carriage paid” mean?

A

The invoice value includes cost of delivery to the customers address.

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7
Q

What does “Ex Works” mean?

A

Price quoted does not include delivery costs and the customer will need to arrange delivery.

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8
Q

What does “Cash on delivery” mean?

A

The customer is expected to pay for goods when they are delivered.

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