Invoices: What You NEED TO KNOW
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- Опубликовано: 7 июн 2024
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Everything you need to know about the Invoice. In this episode of Accounting Basics you'll learn what an Invoice is, why it's important and what's typical invoice format.
Invoicing is an essential part of any business whether you're working for yourself or for a corporation. If you want to get paid you've got to know what an Invoice is and how to use it.
In this Invoice tutorial, you'll discover the key features of an Invoice template. Invoice number, date and amount? All of these Invoice terms will be explained in full.
⏱️TIMESTAMPS
00:00 - Intro
00:50 - What is an Invoice?
01:48 - Why are Invoices important?
02:41 - What do Invoices look like?
04:55 - When to Invoice?
05:09 - Invoices vs Receipts
05:30 - Sales Invoice vs Supplier Invoice vs Purchase Invoice
05:50 - Are Invoices legally binding?
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#invoice #accountingbasics #accountingstuff
Yo, much appreciation, i finally found someone that explains exactly what an invoice is and actually understood what the hell he's talking about.
Cheers Wassim, glad the vid helped
Sorryidontwananyrhingforu.
@@natherahkarim7146 stupid idiot
@@AccountingStuff I'm not getting it . Say I get a invoice with the amount say $100.00, How do I pay the invoice bill , with what ? I'm tupid 😮😮
@@AccountingStuff What's next when don't pay? Could I get a chart & examples for when don't pay eg. Pre reminder letter/invoice, Reminder Letter & invoice, Outstanding letter &/ invoice, statement to include with for new charges or payments made to accompany letter or invoice, & invoice or letter with late fees do up another invoice or statement, I really like to know every single step, do also send agreement to refresh their memory & if so, what stage? Do have all examples or samples do have link/s? How many steps are there in total?.
Also, does it matter if I did an invoices for companyA invoice no. 01, another different companyB invoice no. 02, then companyA again for new service/fees on invoice number 03? Like it is in a cash receipt book, or does have to be eg. CompanyA invoice numbers 01, 02, 03 & CompanyB is same invoice numbers 01, 02, 03 or 04, 05, 06?
What to do if already stuffed up the invoice numbers if did wrong or invoice if wrong & they already received? 🙏🙏
I've had a few people asking for more videos explaining basic Accounting terms. Are there any that you would like me to cover?
yeah.... i am... you may make a another video on " the differences between transaction and event." for example -($5000 paid as a rent of office premises is a transaction) where as ( On 1st september I paid rent $5000 is a transaction as well as event also... and (On march , after the sale of goods $5000 , he is left with the closing stock $8000 is an event..)🤔😑😥😕😓😓 how.???.. i'm getting confused..... plz make a video on the diffrences between transaction and event.... plz help..😌😌
and again #nice_one_video..
Thanks for your question! That's an interesting one. To be honest, I've never really had to distinguish between Event and Transaction before. After having a read online it appears as though event can be interpreted in a couple of different ways which makes the term a bit ambiguous.
Definition #1 (Broad Definition) - An event is a 'thing' that happens. This may result in a transaction if it affects the financial resources of a business. So a transaction may or may not result from an Event.
Definition #2 - An event relates to the result of a transaction on a companies balance sheet. It sounds like you are using this definition. So when you say 'left with closing stock of $8000'... that would describe the event. Whereas 'the sale of goods of $5000' would be the transaction.
Does that make any sense?
@@AccountingStuff thanks for ur help... i understands a little bit.. maybe....... but i still research on that ....... thank you so much 😊☺😊😏
@@kunnuraj7281 No worries, good luck 🙂
I live in Japan and recently got a job that includes accounting affairs, which must be done in English and is a totally new field for me.
This video helps learn the basics of invoicing. Easy to understand. Thank you for your brilliant work!
I'm developing an invoicing system software for PC desktop.. if you like a demo please let me know.. good day!
@@wjarcs Can you please share it with me?
@@evanmao2532 Did the person invoicing system work for you?
Thank you for this. I was genuinely quite nervous about making invoices for the first time but I feel much better about it now. Have a great weekend.
No worries Hannah, you too!
Amazing backstage work on graphics/video/effects. Like for every video!
I live in Canada. I used to work for a company that does wholesale selling and I agree with you. We gotta make sure that invoices are signed or else the customers will deny the existence of the invoice and won't pay it. Really a pain in the ass. Thank you for this video. I was looking for AR/AP topic and somehow ended up here lol.
Interesting
You are right. Pls I will like to seek for your assistance via the invoice. I just got the job new as an account officer.
Really appreciate your work and your method of teaching is amazing 😊
Cheers Umar, I'm glad that you're finding the videos helpful!
100000%! Correct
@@Broke.NoMore ddz ෆ් ව්ර්
@@AccountingStuff excellent thank you
Much gratitude. Im starting a business and want to do things properly and professional this gave so much clarity ! Thank You
No worries Courtney! Great to hear that you want to do things properly. It'll save you a lot of time in the future. All the best with your business!
My mom isn't paying me for walking the dog unless I do a stupid invoice lmao
If you are speaking the truth you have a good mother❤
@@allpurposeconstructionwiz I'm not opposed to it, she's just not helping me figure it out and I'm still confused lol
Like, she wants me to do an invoice, something I've never done before, and proceeds to force me to figure it out lol
😂🙃
That creates .accountability. you have an outstanding mother. Don't stop building your Present ... never plateau. When you see the loop that's the warning sign....😊
preparing for an interview as an administrative analyst working with invoices, this was a good refresh on some accounting basics that i wouldve lost if i relied purely on academic experience, thank you
Got the job btw
@@V3lv3n congrats!
New business owner and this was extremely helpful. Thank you so much.
How your business going?
I never knew I'll be involved in this field. Great video for dummies, thanks so much!!!
No problem, all the best!
This is brilliant, so well done and explained, thank you!!
Thanks Anita, you are very welcome!
Was looking for some videos about saving important papers like expired licences, invoices etc as too difficult to keep all of them, happened to see your video. It was interesting to watch. Your explanation is very good.
Cheers Zafer!
Great video explaining all the details about correct invoicing. However, I think QuickBooks, Xero and Freshbooks are often overblown for a lot of small business owners. They're complex and require quite a bit of learning to not mess up things. A simpler invoicing-only system such as InvoiceBerry is not only easier to get used to, but it helps the business owner to focus on their job and leave some of the heavier accounting part to their accountant/bookkeeper at the end of the year.
I agree that everyone doesn't need to use accounting software. But if you form a company then it becomes very useful to use it
This video is awesome!
Your way of explaining is really simple and straightforward, plus the video is short, short and simple is the best all the way! Really appreciate you 😊
Thanks for your kind words!
@@AccountingStuff You're welcome 😊.
Thank you for this. Both concise and detailed!
This info presented was delivered with clarity and precision.Very informative.Thank you
You make accounting fun! I am subscribing just by watching you explaining an invoice. Great.
Great to have you on board :)
Hey, im doing an introduction to managerial accounting at university this semester, could you do a whole review of the subject and what to watch out for/learn, really enjoy your videos
Hey mate, that's a great idea, I'll read up on it. Cheers and all the best for the this semester
I started as an accounting apprentice today and your videos have been really helpful. I have been subbed for a while and appreciate the knowledge
Congrats on landing your apprenticeship! Hope it's going well :)
@@AccountingStuff thanks!
It's always a pleasure watching your tutorials
Loving Your Content,
Your Unique Way of Explaining Things Works Perfectly!
Cheers Faizan!!
I've watched a few of these videos now, and they are amazingly helpful!
Thank you for teaching the world, i have successfully created an accounting system using your videos
thanks for making it really simple to follow because of the editing!
No problem!
Beautiful delivery....I love the preciseness
Absolutely love your videos! They are so helpful… Can you do a video on: How to properly date Accounts Payable invoice that was received late (After period closed)? Every place I’ve worked does it different which makes it confusing. Thank you 🙂
Hi ! Enjoyed the simplicity, yet entertaining, quality of your QBO video. Confused on Client Payment: Received vs PAID + CLOSED. Can you please answer? Easy explanations are rare. Appreciate! (I am QBO 2020; considerer me newbie-ish)
Hi, I have a few questions. Is there a way to put a section on the invoice to show a deposit or a retainer fee? Also, if a client decides to pay using other methods of payment (check, cash, Venmo, etc.), is there a way to note this on the invoice? I'm using QuickBooks Self Employed
I just started my plumbing business. That’s why I’m here. Thanks for the information ‼️
Best of luck!!
Keep the great work. If you continue posting videos with this quality, you will become GIANT!
No worries, thanks for the support!
From Afghanistan, an excellent and comprehensive description.
This is a gem of a video. Thank you SOOOO much!!
This is precise, short and comprehensible. Thank you.
Thanks! Great to hear you found it useful :)
Умница! Ещё не досмотрела, но уже понимаю про разницу invoice and bill 💋♥️👍
Thoroughly explained. Thanks bro.
Thanks so much for the video, You've got my subscription!
Excellent video. Short and sweet and to the point.
Thanks, glad you enjoyed it :)
This video was awesome, quite informative! Thanks 😊 👍
thank you so much, this video of yours has made me fully understand what invoices are and you made it so easy to comprehend.
Glad it was helpful!
Very well explained, thanks a bunch!
Thanks, Very practical and understandable!
Great and explicit contents. My congrats.
Could we have a video explaining in summary the Accounting Documents and the link between them?
I love this video. Very informative and helpful. Thanks!
Cheers Alex, glad to hear you found it useful!
Thank you for the straight forward and informative video, this was particularly helpful as I'll soon be starting a new job as a Accounts Assistant with a local accountancy firm where I am in the UK. Part of my job will consist of processing invoices and resolving queries related to them so this video really does help a lot!
No problem. Congrats on your new job!!
Very helpful. Really appreciate this! Thank you very much!!
Cheers Aqila!
thats a relief i found this chanel, thank uu so much
You're most welcome :)
I just like the way you explained. Thank you so much for your great effort 👍🏻. Now i never forget about invoice.
No worries, you're most welcome :)
Very helpful! Just curious, how would you journalize/record the invoice example at 3:04? What would be debited or credited, etc.?
Yes, if you raise a sales invoice then there should be a corresponding journal. Typically this would be Credit Revenue (to increase it) and Debit Accounts Receivable (to increase it)
great bit of information , ive just started out as a sole trader in the uk and had no idea how to even set up an invoice let alone what was needed, still a bit hazy as your video was for a service to a buyer where as im looking for one with work done for a company, so i need to work the tax needed and overtime rate to send to the accounts department, but im sure ill get there lol.
keep up the great work.
Best of luck with your new business! Hope it's going well :)
Dude that was well done. Thanks for the data and making it so simple. : )
No problem!
Thanks for sharing. You make Accounting fun with your liveliness and energy in your presentation
Thanks, glad you enjoyed it!
I’ve made my first invoice! Feeling like a smart little cookie. You did scare me when you said invoices aren’t legally binding so people can still refuse to pay you. Am hoping I get paid for my contract work
Very Simple, yet information stuffed video! Easy to digest, Well explained and great content personality.
Thanks Charles!!
Simple Easy and great video, me and my dad started our custom cabinets business and he leaves me to the task to do all this stuff this vid was relly helpful also how do we charge taxes??
Love the simplicity!
Cheers :)
My first invoice for my freelance work was automatically generated today :D
Nice one! Best of luck with it all :)
Banger !
I have a small question .. i have been told that Accounting and Book keeping are not the same, yet you said "all about accounting and book keeping".
Another thing i would love if you could make a video about the CPA, CMA certificates.
Best of luck fellow wizzerd! 😂✌️
Hey Muath! You are correct... Accounting and Bookkeeping aren't the same thing...
Bookkeeping is the process of recording transactions into the General Ledger. It's a subset of the wider field of Accounting which includes all of the additional analysis and interpretation that businesses have to do. I'd like this channel to cover both topics.
Thanks for the suggestion - I would like to learn more about the CPA and the CMA but need to read up on them because I took the ACA exams which are the UK equivalent of a CPA. Are you studying for one of these?
Cheers bud!
Very informative. Thanks!
Gracias chingon... fuiste de mucha ayuda!!! Suerte en lo que agas!!
De nada :)
This was SUPER SUPER helpful! Thank you!
That's great to hear! Hope it's making sense
Best accounting videos ever!
Thank you! very clear and easy. I can get on with stuff now.
Cheers, glad to hear it!
Love the attention to details :)
Thanks mate!
Thank you for teaching and sharing invoice information.😊
All good, hope you found it useful!
Entertaining and right to the point :) Thumbs up mate.
Cheers Adam!
Quick question: what if you aren't familiar with tax law or are unsure whether your service even requires additional tax?
If I work commission work and agreed to £10 per hour, 10 hours a week, totalling £100 a week, do I invoice just the £100 for the week's work or do I need to add tax to it?
Thank you for this. It's really helpful
impressive editing! awesome source of info!
Cheers Thomas!
Thank you so much. Very helpful 🥰👍🏼
Thanks for the video. But how exactly does the buyer pay once the invoice has been sent? Will the seller send a payment request like via paypal or debit card?
You're just awesome had AR interview I asked same questions what u told end 4 questions..thanks for sharing
No problem! Hope it went well :)
Thanks for the video James and I have a question on Fixed Payment, if both parties agree to pay the rent/ fees on a monthly basis, for example, 1st of each month. How do you record Accounts Payable in this scenario?
Hey Michael, are you assuming that the rent is paid in advance? If so, the Payer needs to record a Prepaid Rent Expense. I explain in it more detail in this video → ruclips.net/video/RE7wrflFOGA/видео.html
May I also get a chance to understand how to make a balance sheet in accounting, Sir?
Although I am not from accounting field, I am learning it from you and you are very good in teaching.
Thank so much, Sir.
Hey Bo, a balance sheet is a snapshot of a business's Assets, Liabilities and Equity at a point in time. I touch on it in my video on the Accounting Equation (ruclips.net/video/56xscQ4viWE/видео.html). Although I need to make another video that focuses on it in more detail. Hope that helps?
Quick question: I received an invoice dated in 5/1 . The invoice is for services in April. We have not closed April, will posting the invoice with a may date affect the books?
Thank you very much, you make it clear.
No worries, you're welcome :)
As a Hong Kong student, I love your accounting video as they astutely articulate the point, but I often have to press 0.75 to follow the video, hope my english improve.
P.S. just sharing feeling, not to blame, that's a normal speed for a native, I would speak such fast in my own language
Thanks for your feedback, I totally understand
Wished I would've seen this video months ago! So helpful, could you do a video that explains accounts receivable / accounts payable?
🤗
Thanks for your requests!
Omg, THANK YOU! That was extremely helpful 😁
No worries, happy to help!
@@AccountingStuff btw, love ur aura :)
Very professional.
Thank you for the clarification!
No worries Leonid
How do I know if I have to include tax for a certain job? And how do I know how much tax should I charge?
The information was delivered is such a clear, short and also interesting way that it was really useful and helped me a lot thanks :D
Thanks, I'm glad it helped!
haha had one A/P rec sim on my CPA exam, this clears thing out.
Glad to hear it
This was awesome! And your accent is cute lol
Hii brother. I liked your explanation. Could you please explain about credit note in invoice processing?
Thank you for explaining what invoice are .
My question I cleaning houses
Thanks you for this wonderful piece of info
Great video.... but no where can I see where the client should pay? No bacs option. Can you add this on the invoice. ? I’m confused by the QuickBooks options.
Excellent videos. How about a tutorial comparison of standard reports and the difference between the balance sheet and income statement. And how the relate together. Keep up the good work. Jon.
Cheers Jonathan! And thanks for the suggestion, I think that would be a worthwhile topic. I will add to my to-do-list and get it sorted soon.
All the best.
Thank you James.
This video was very helpful, thank you
You're welcome!
Really good and clear explanation
The video was really helpful thanks a lot
Hi. Do you know if every free of charge/samples product need an invoice or if it requires a special invoice?
Thank you! And dope transition at 4:48
Thanks Nel!
rlly clear explanation, great video 👍
Thanks, I'm glad you enjoyed it :)
Really helpful, thank you!!!
as a seller, do you issue someone with a recept once the buyer has paid the amount on the invoice? What document is produced to signify that the invoice is settled?