Tracking Sales Invoices

The Sales Invoice is a proof of purchase for the customer and proof of sale for the seller. It carries all relevant information relating to a sale, such as seller and buyer details, product or service sold, value of sale, payments for the sale if any and amount due from the customer against the sale. Wherever commercial taxes are applicable, the invoice will show details of taxes collected and hence it is an important document for the government as regards tax collections.

Except in the case of retail sales, the invoice is made at the end of a sales process, with fulfillment to follow. In the case of retail sales, fulfillment and payment for the goods happen side-by-side. In the case of B2B sales, there could be some time lag between booking of an order and its fulfillment and payment against the invoice. This is the Sales-to-Cash cycle. In a B2B scenario, it is very unlikely that you will invoice the party directly, without following the Order process. The Order Book gives you better control on planning your inventory and deciding on your credit policy.

For better control on revenues and collections, it is very important to track Sales Invoices by their status. The best way to do this is by using the status filters to list invoices. An invoice can be in any of the following statuses:

• In-process
• Approved
• Posted
• Paid
• Write-off
• Void

Barring Void and Write-off, the remaining statuses indicate active invoices that must be followed through diligently. On the Sales Invoice tab home page, choose one or more statuses to search for invoices.

You can further arrange the search results by Invoice Date, Outstanding Amount etc. to make it more meaningful.