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Invoicing and Settlement of Accounts

Invoicing and Settlement of Accounts Payment of the amount owing for goods supplied or services rendered is the final stage in a business transaction. Transactions in the retail trade are usually for cash; in wholesale and foreign trade it is customary to allow credit. INVOICES AND ADJUSTMENTS When goods are supplied on credit, the seller sends an invoice to the buyer. It serves the following purposes: (I)  it informs the buyer of the amount due; (ii) it enables him to check the goods delivered; (iii) it is the source of entry in his purchases day book. The invoice communicates a...