Invoices: What You NEED TO KNOW

Рет қаралды 651,290

Күн бұрын

🔴Subscribe for more Accounting Tutorials → geni.us/subtothechannel
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?
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → geni.us/bNN7
▪ Xero (FREE TRIAL) → xeroamericas.grsm.io/ck90eoq1...
▪ FreshBooks → www.freshbooks.com/
🔎FAQ
▪ My Favourite Accounting Book for Beginners → geni.us/5mKR7m
🚶FOLLOW ME ON
▪ Instagram → / accountingstuff
▪ TikTok → / accounting_stuff
▪ Facebook → / thisisaccountingstuff
🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → • ACCOUNTING BASICS for ...
________________________
DISCLAIMER
Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
________________________
#invoice #accountingbasics #accountingstuff

Пікірлер: 685

@AccountingStuff 5 жыл бұрын

I've had a few people asking for more videos explaining basic Accounting terms. Are there any that you would like me to cover?

@kunnuraj7281 5 жыл бұрын

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..😌😌

@kunnuraj7281 5 жыл бұрын

and again #nice_one_video..

@AccountingStuff 5 жыл бұрын

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?

@kunnuraj7281 5 жыл бұрын

@@AccountingStuff thanks for ur help... i understands a little bit.. maybe....... but i still research on that ....... thank you so much 😊☺😊😏

@AccountingStuff 5 жыл бұрын

@@kunnuraj7281 No worries, good luck 🙂

@wassimawess7472 4 жыл бұрын

Yo, much appreciation, i finally found someone that explains exactly what an invoice is and actually understood what the hell he's talking about.

@AccountingStuff 4 жыл бұрын

Cheers Wassim, glad the vid helped

@natherahkarim7146 2 жыл бұрын

Sorryidontwananyrhingforu.

@xshadowfistx Жыл бұрын

@@natherahkarim7146 stupid idiot

@jeffreypetree7163 Жыл бұрын

@@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 😮😮

@jj..- Жыл бұрын

@@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? 🙏🙏

@critter_core Жыл бұрын

My mom isn't paying me for walking the dog unless I do a stupid invoice lmao

@allpurposeconstructionwiz Ай бұрын

If you are speaking the truth you have a good mother❤

@critter_core Ай бұрын

@@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

@LoriBothwell Ай бұрын

😂🙃

@trashPanda416 Ай бұрын

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....😊

@ginndiaries Ай бұрын

Ofcuz she won’t help u, that’s how u try to learn from ur environment. Do u pay someone or a shop to get something u want? How did they do it? Why do they give u receipts? What do these numbers on receipt means? U need to see and learn by urself. If she teaches you, u are going to get lazy or distracted.

@lantrabs Жыл бұрын

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.

@bunnyman6321 Жыл бұрын

Interesting

@ugwuchibueze1877 6 ай бұрын

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.

@jennyatkinson4915 2 жыл бұрын

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!

@wjarcs Жыл бұрын

I'm developing an invoicing system software for PC desktop.. if you like a demo please let me know.. good day!

@evanmao2532 Жыл бұрын

@@wjarcs Can you please share it with me?

@bunnyman6321 Жыл бұрын

@@evanmao2532 Did the person invoicing system work for you?

@momentshub3773 3 жыл бұрын

Amazing backstage work on graphics/video/effects. Like for every video!

@Graceh003 3 жыл бұрын

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.

@AccountingStuff 3 жыл бұрын

No worries Hannah, you too!

@pukhtoongaming2506 5 жыл бұрын

Really appreciate your work and your method of teaching is amazing 😊

@AccountingStuff 5 жыл бұрын

Cheers Umar, I'm glad that you're finding the videos helpful!

@Broke.NoMore 3 жыл бұрын

100000%! Correct

@tharinduhashanthavithanage3574 3 жыл бұрын

@@Broke.NoMore ddz ෆ් ව්‍ර්

@keithdmello Жыл бұрын

@@AccountingStuff excellent thank you

@LotusGlaze 5 жыл бұрын

Much gratitude. Im starting a business and want to do things properly and professional this gave so much clarity ! Thank You

@AccountingStuff 5 жыл бұрын

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!

@V3lv3n Жыл бұрын

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

@V3lv3n Жыл бұрын

Got the job btw

@honeyrose6727 Жыл бұрын

@@V3lv3n congrats!

@UweDreiss Жыл бұрын

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.

@AccountingStuff Жыл бұрын

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

@sandracunningham5078 Жыл бұрын

This info presented was delivered with clarity and precision.Very informative.Thank you

@LungCancer420 2 жыл бұрын

Thank you for this. Both concise and detailed!

@anitapatterson4282 5 жыл бұрын

This is brilliant, so well done and explained, thank you!!

@AccountingStuff 5 жыл бұрын

Thanks Anita, you are very welcome!

@cdmanor777 2 жыл бұрын

New business owner and this was extremely helpful. Thank you so much.

@bunnyman6321 Жыл бұрын

How your business going?

@babur729 3 жыл бұрын

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.

@AccountingStuff 3 жыл бұрын

Cheers Zafer!

@Siapagani 2 жыл бұрын

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 😊

@AccountingStuff 2 жыл бұрын

Thanks for your kind words!

@Siapagani 2 жыл бұрын

@@AccountingStuff You're welcome 😊.

@Surixo Жыл бұрын

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

@dumachavula6883 Жыл бұрын

It's always a pleasure watching your tutorials

@ModernDayMania61 3 жыл бұрын

I never knew I'll be involved in this field. Great video for dummies, thanks so much!!!

@AccountingStuff 3 жыл бұрын

No problem, all the best!

@rosecarpenter7655 Жыл бұрын

I've watched a few of these videos now, and they are amazingly helpful!

@frapeyou 5 жыл бұрын

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

@AccountingStuff 5 жыл бұрын

Hey mate, that's a great idea, I'll read up on it. Cheers and all the best for the this semester

@WithFaizanKhan 5 жыл бұрын

Loving Your Content, Your Unique Way of Explaining Things Works Perfectly!

@AccountingStuff 5 жыл бұрын

Cheers Faizan!!

@juniorcoder1267 Жыл бұрын

Thank you for teaching the world, i have successfully created an accounting system using your videos

@zainpatel8263 2 жыл бұрын

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

@AccountingStuff 2 жыл бұрын

Congrats on landing your apprenticeship! Hope it's going well :)

@zainpatel8263 2 жыл бұрын

@@AccountingStuff thanks!

@user-yg3lo5cy7g Жыл бұрын

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 🙂

@karenaficial4568 3 жыл бұрын

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

@laurens12b 4 жыл бұрын

thanks for making it really simple to follow because of the editing!

@AccountingStuff 4 жыл бұрын

No problem!

@SherifaNakalema 4 жыл бұрын

You make accounting fun! I am subscribing just by watching you explaining an invoice. Great.

@AccountingStuff 4 жыл бұрын

Great to have you on board :)

@missfleek4461 2 жыл бұрын

Beautiful delivery....I love the preciseness

@scarlettbamaRTR 4 жыл бұрын

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)

@user-te1ex3tg5u 6 ай бұрын

thank you so much, this video of yours has made me fully understand what invoices are and you made it so easy to comprehend.

@AccountingStuff 6 ай бұрын

Glad it was helpful!

@olatribsdt911 6 ай бұрын

This is precise, short and comprehensible. Thank you.

@AccountingStuff 6 ай бұрын

Thanks! Great to hear you found it useful :)

@robbieplant7136 3 ай бұрын

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!

@AccountingStuff 3 ай бұрын

No problem. Congrats on your new job!!

@doylestrickland4870 Жыл бұрын

Thoroughly explained. Thanks bro.

@larisavernikova7921 Жыл бұрын

Умница! Ещё не досмотрела, но уже понимаю про разницу invoice and bill 💋♥️👍

@neetrab 2 жыл бұрын

This is a gem of a video. Thank you SOOOO much!!

@marsiennacelebi739 2 жыл бұрын

Thanks, Very practical and understandable!

@davidwilliamval222 2 жыл бұрын

Great and explicit contents. My congrats. Could we have a video explaining in summary the Accounting Documents and the link between them?

@malinirao 2 жыл бұрын

Very well explained, thanks a bunch!

@NginyuDamian-yh6nk Жыл бұрын

Thank you for this. It's really helpful

@abdulkamelfaizi7667 Жыл бұрын

From Afghanistan, an excellent and comprehensive description.

@scarletdragon1019 2 жыл бұрын

This video was awesome, quite informative! Thanks 😊 👍

@mikepawlicki27 4 ай бұрын

Excellent video. Short and sweet and to the point.

@AccountingStuff 4 ай бұрын

Thanks, glad you enjoyed it :)

@Alex-tf8fr 4 жыл бұрын

I love this video. Very informative and helpful. Thanks!

@AccountingStuff 4 жыл бұрын

Cheers Alex, glad to hear you found it useful!

@ChurchCinematics 3 жыл бұрын

Thanks so much for the video, You've got my subscription!

@mariatahir9730 3 жыл бұрын

I just like the way you explained. Thank you so much for your great effort 👍🏻. Now i never forget about invoice.

@AccountingStuff 3 жыл бұрын

No worries, you're most welcome :)

@scoe_so_wavey8510 Ай бұрын

I just started my plumbing business. That’s why I’m here. Thanks for the information ‼️

@AccountingStuff Ай бұрын

Best of luck!!

@assilaaulia539 3 жыл бұрын

thats a relief i found this chanel, thank uu so much

@AccountingStuff 3 жыл бұрын

You're most welcome :)

@hannahogge8137 Жыл бұрын

Really helpful, thank you!!!

@keneiloemokhatla7105 2 жыл бұрын

Thank you James.

@aqilafirdausi 4 жыл бұрын

Very helpful. Really appreciate this! Thank you very much!!

@AccountingStuff 4 жыл бұрын

Cheers Aqila!

@JosephM6961 4 жыл бұрын

Very helpful! Just curious, how would you journalize/record the invoice example at 3:04? What would be debited or credited, etc.?

@AccountingStuff 4 жыл бұрын

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)

@beansb9998 3 күн бұрын

This dude is so easy to understand, I have not yet watched a video of his and not understood it by the end.

@AccountingStuff 2 күн бұрын

Thanks, great to hear you're finding these vids useful :)

@VO_JayRedding 2 жыл бұрын

Very informative. Thanks!

@nilbrotto 5 жыл бұрын

Keep the great work. If you continue posting videos with this quality, you will become GIANT!

@AccountingStuff 5 жыл бұрын

No worries, thanks for the support!

@wayneshaw3320 2 жыл бұрын

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.

@AccountingStuff 2 жыл бұрын

Best of luck with your new business! Hope it's going well :)

@jessesoto6150 Жыл бұрын

great stuff!! Thx bud !

@slayersaurabh Жыл бұрын

Really good and clear explanation

@mizonis 2 жыл бұрын

Thanks for sharing. You make Accounting fun with your liveliness and energy in your presentation

@AccountingStuff 2 жыл бұрын

Thanks, glad you enjoyed it!

@elhimxreynoso9655 3 жыл бұрын

Love the simplicity!

@AccountingStuff 3 жыл бұрын

Cheers :)

@delfinodimas 2 жыл бұрын

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??

@oscalealvisl Жыл бұрын

Great videos bro 👍🏽

@augustineokhuekhie5570 Жыл бұрын

Thanks you for this wonderful piece of info

@nirubyjames4480 3 жыл бұрын

Thank you for teaching and sharing invoice information.😊

@AccountingStuff 3 жыл бұрын

All good, hope you found it useful!

@nellynel1of1 Жыл бұрын

Thank you! And dope transition at 4:48

@AccountingStuff Жыл бұрын

Thanks Nel!

@Worship_Central 2 жыл бұрын

The video was really helpful thanks a lot

@bilbo9637 3 жыл бұрын

Thank you! very clear and easy. I can get on with stuff now.

@AccountingStuff 3 жыл бұрын

Cheers, glad to hear it!

@mariaruvira4299 3 жыл бұрын

Thank you for explaining what invoice are . My question I cleaning houses

@eftesanguyasa-zw7gn Жыл бұрын

Tnk u i'm appreciated your teaching

@kevywilliams3304 11 ай бұрын

Best accounting videos ever!

@charleslyles8428 4 жыл бұрын

Very Simple, yet information stuffed video! Easy to digest, Well explained and great content personality.

@AccountingStuff 4 жыл бұрын

Thanks Charles!!

@samtaylor7072 4 жыл бұрын

This was SUPER SUPER helpful! Thank you!

@AccountingStuff 4 жыл бұрын

That's great to hear! Hope it's making sense

@adrianlopez371 4 жыл бұрын

Gracias chingon... fuiste de mucha ayuda!!! Suerte en lo que agas!!

@AccountingStuff 4 жыл бұрын

De nada :)

@darrenmirisa 2 жыл бұрын

Thank you so much. Very helpful 🥰👍🏼

@tinkageorgewilliam871 4 жыл бұрын

My first invoice for my freelance work was automatically generated today :D

@AccountingStuff 4 жыл бұрын

Nice one! Best of luck with it all :)

@paulmartinez7967 2 жыл бұрын

Dude that was well done. Thanks for the data and making it so simple. : )

@AccountingStuff 2 жыл бұрын

No problem!

@darrensnyders1008 Жыл бұрын

Thanks bro!

@FTWTFMLOLMAOMGTFO 4 жыл бұрын

impressive editing! awesome source of info!

@AccountingStuff 4 жыл бұрын

Cheers Thomas!

@doradsouza1834 3 жыл бұрын

You're just awesome had AR interview I asked same questions what u told end 4 questions..thanks for sharing

@AccountingStuff 3 жыл бұрын

No problem! Hope it went well :)

@gwhnsa 5 жыл бұрын

Love the attention to details :)

@AccountingStuff 5 жыл бұрын

Thanks mate!

@eftyalmaruf 3 жыл бұрын

It was so helpful.Thanks

@AccountingStuff 3 жыл бұрын

Thanks, glad to hear it!

@sorianoariadna7775 4 жыл бұрын

Thank you very much, you make it clear.

@AccountingStuff 4 жыл бұрын

No worries, you're welcome :)

@LeonidKornikov 4 жыл бұрын

Thank you for the clarification!

@AccountingStuff 4 жыл бұрын

No worries Leonid

@vincentwaire9836 2 жыл бұрын

Wow nice to the point

@iamh.a.l.f7201 2 жыл бұрын

thanks bhai , love from india

@AbdulGhani-ld9np 2 жыл бұрын

Very Good!

@hazemmashal2753 2 жыл бұрын

Thanks a lot.

@garciae9369 3 жыл бұрын

Very professional.

@tjmelane8884 3 жыл бұрын

Wow u just help the with my accounting problem thanks

@AccountingStuff 3 жыл бұрын

No worries, I'm happy to help :)

@factsforgenius4701 Жыл бұрын

Hii brother. I liked your explanation. Could you please explain about credit note in invoice processing?

@SanishaAlvarado 7 ай бұрын

This video was very helpful, thank you

@AccountingStuff 7 ай бұрын

You're welcome!

@peterjumbo3789 3 жыл бұрын

Love this

@jonathanNgoMinh 5 ай бұрын

rlly clear explanation, great video 👍

@AccountingStuff 4 ай бұрын

Thanks, I'm glad you enjoyed it :)

@yu-lingliao1660 2 жыл бұрын

You are amazing!!

@andreacavaliere884 3 жыл бұрын

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.