Final invoices generally are for short-term projects that have a limited quantity of milestones. It typically includes all required information to ensure customers understand what they're paying for and how to pay it. This is an official payment request for a completed project, product, or service. It can also benefit customers and clients, helping them manage project costs. Creating interim invoices can help you manage the company's cash flow within long-term projects. It involves sending invoices as the project advances and the team completes milestones. Interim invoiceĪn interim invoice is a payment request for large projects where a business and client agree to terms that typically include multiple payments. It can offer insights into a project's scope and costs, which may change as the project progresses or upon project completion. Pro forma invoices are typically for large projects that contain multiple products or services. Unlike other invoice types, it's not a request for immediate payment. Pro forma invoiceĪ pro forma invoice is an estimate of a product's or service's cost before purchase or delivery. For example, if you attend a lunch meeting with a client, you may create an expense report for the cost of lunch, parking ticket, and gas and expect reimbursement with your next salary. Employers typically use this invoice to refund all expenses by including it on the next payroll. Expense invoiceĪn expense invoice is a document submitted to an employer for reimbursement of business-related expenses. For example, lawyers, graphic designers, psychologists, and business consultants typically prepare these invoices for customers or clients. These invoices are common among hourly employees. Timesheet invoiceĪ timesheet invoice is a document that businesses or professionals issue if they charge a standard rate based on the hours worked. It often has the product's weight, description, total value, and packaging format. These invoices typically include sales details to determine customs duties. For example, if a customer on a different continent requests a product, you may create a commercial invoice. Commercial invoiceĪ commercial invoice is a document that a business issues for products it sells to customers internationally. A mixed invoice can be useful if you reduce the amount a client owes for one project and highlight additional products or services offered by another. When using this invoice type, the total amount due may be positive, negative, or zero. Mixed invoiceĪ mixed invoice combines credit and debit charges. Equity Financing (With Types and Example) 3. The total amount on a debit invoice is typically a positive number. If you eventually spend more time, you can send a debit invoice for the additional hours worked. For example, suppose you're a contingent employee who estimates the hours to complete a project when preparing invoices. Businesses typically send this invoice type to make adjustments to an existing invoice. Debit invoiceĪ debit invoice is a document showing the additional amount due for extra products or services. For example, if you're sending a credit invoice to a client who asks for a $100 refund, the total sum on the document might be -$100. The total sum due on credit invoices is typically a negative number. It's also the invoice type companies send to customers who request access to products or services to pay at a future date. Credit invoiceĪ credit invoice is a document issued by a business if a customer or client requests a refund. Here are 12 different invoice types you can prepare for a customer or client: 1. How to Write an Invoicing Clerk Resume (With an Example) How to Create an Invoice (With Steps and Template) In this article, we discuss 12 common invoice types, highlight what to include in an invoice, and provide answers to frequently asked questions about invoices. By learning the types of invoices, you can improve your role within a company's accounts payable department. Depending on your industry and on how you charge for products or services, you can create different types of invoices for customers or clients. An invoice is a document outlining the sum due for products or services to establish payment responsibility.
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