Company Name:
Lishui Huanqiu Bearing Trading Co., Ltd.
Company Address:
No.11 Shiting Road, Shuige Industrial Zone,Lishui, Zhejiang,China
Contact Person: William
Email: admin@tradebearings.com
Homepage: www.asiabearings.com
Bearing B2B: www.tradebearings.com
Once you've sold the product or provided the service, it's invoice time. An invoice not only shows the customer or client how much money is due but provides tax information. Both you and your customers need to be able to track how much GST and/or PST is paid or owed, for instance. Because invoices are such an important part of your business records, it's important to get them right.
What has to be on the invoice
There are certain pieces of information that have to be on your invoices. Your invoice must include:
your business name
the date of the invoice
your Business Number
the purchaser's name
a brief description of the goods or services performed
the total amount paid or payable
the terms of payment
an indication of items subject to GST at 5% or HST at 13%, or that the items are exempt, and either the total amount of GST/HST charged, or a statement that the GST/HST is included and the total rate of tax
if applicable, an indication of items subject to PST (also known as RST) at the provincial rate, or that the items are exempt, and either the total amount of PST charged, or a statement that the PST is included and the total rate of tax.
So what does a complete invoice look like? Here's an invoice sample that you can use as an invoice template.
Sample Invoice
Cypress Technologies
Suite 7, 77 Marwood Place
Crestwood, B.C., V6T 7Q7
1-888-888-888
Sarah's Computer Bin
8424 Business Plaza
Vancouver, B.C., V9W 2T2
Att'n: Sarah Norgaard
INVOICE FOR:
1 HP OfficeJet Inkjet Color Printer $583.97
GST $29.20
PST$ 40.88
TOTAL PAYABLE: $654.05
GST Registration No. 888888888
Invoice No. 754
Date of Invoice: Month Day, 2009
To be paid within 30 days of invoice date.
Note the statement at the bottom of the invoice, saying that the invoice amount is due within 30 days. You'll often see invoices that say, "Payable Upon Receipt", but that's just asking for trouble, because you don't necessarily know when your customer or client is seeing the invoice - even if you've emailed it. Using a specific terms statement like the one on this invoice gives your customer a due date, and helps you to avoid collection problems.
Invoices are even easier to do if you use accounting software. Accounting software designed for small businesses can not only be used as POS (Point of Sale) systems and print out invoices on the spot, but make it easier to calculate and keep track of taxes, such as the GST.
