A purchase invoice template is a computer generated slip which can be used in soft copy as well as in the form of hard copy. Usually, it is provided by a seller to the buyer, describing the list of goods, products or services including the size and color of what has been purchased. It showcased the date of sale, the price of the product, how many items were bought and the amount to be paid. Similarly, a user can check the pending amount which is dues with the help of this invoice. This is because not every business or buyer has enough cash to spend on purchasing. Therefore, most buyers prefer to buy inventories or products on credit terms. Moreover, the purchase invoice is quite different from a sales invoice as this invoice is issued by the company to another company while a sales invoice is issued to the customer when purchasing goods.
Importance of Purchase Invoice:
The purchase invoice template is of great importance as it helps both the buyer and the seller when they initiate a business transaction. It often assists in keeping the record of sales and provides a way to track the date on which certain goods were sold or purchased. Moreover, this invoice helps a business person or management to highlight those clients who delay their payments. Therefore, by adding a specific note at the end of a purchase invoice, you can make sure all terms of payment are conveyed and cleared. Moving further, these purchase invoices are used for marketing purposes as the company can utilize the information to target its potential customers. For example, having a record of sold items can provide complete information about products sold during a period. In addition, it explains the amount for which these products are sold and users can use this information for preparing different financial reports.
Components of Purchase Invoice:
At the time of preparing a purchase invoice for your business, there are important components which you need to consider. Some of them are as follows:
• Header: The document that is termed as a purchase invoice must have a header of “Invoice” on the top.
• Company’s Information: It is also necessary to provide some of the company’s information on the purchase invoice. This shows the legitimacy of your business, because no one wants to purchase from an illegal seller. So things you need to mention are the name of the company, address, and contact information such as phone or fax number.
• Date: The date on which the purchase was made needs to be mentioned.
• Identification Number: A unique number is given to the invoice. It is very important because giving an identification number makes tracking of business transactions easy.
• List of Goods: List of items or services purchased with their prices and fees attached to it.
• Terms and Conditions: Lastly, the term of payment should be clearly stated if specific conditions are not met.
Templates for Purchase Invoice:
