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What is an electronic invoice for payment

What Is an Invoice for payment?

Invoice for payment is a commercial document issued by the seller to the buyer and containing a list of goods and/or services, their formal features, quantity and price, terms of delivery, taxes included in the price and information about the sender and recipient.

Invoice for payment are an important element of internal control and accounting audit.

"A good invoice for payment" is a document that protects your business against errors and risks.

"The right invoicing tools" can help you streamline your invoicing process, improve your cash flow, and even simplify your accounting.

Companies need to deliver invoices in order to demand payments. An invoice is a agreement showing both parties' consent to the quoted price and payment conditions.

Assigning invoices for payment

  • Record keeping

    The most important advantage of an invoice for payment is the ability to keep legal records of the sale. This allows you to know when the product was sold, who bought it and who released it?
  • Track payments

    An invoice is an invaluable accounting tool. This helps both the seller and the buyer keep track of their payments and amounts due.
  • Business analytics

    Invoice analysis can help companies gather information about their customers' buying patterns and identify trends, popular products, peak shopping periods, and more. This helps develop effective marketing strategies.

Electronic Invoice for Payment

An electronic invoice for payment (Electronic invoice, or e-Invoice) is a digital invoice for payment that is transferred from one information system to another, for example, from the accounting program of an enterprise - seller/supplier to the accounting program of a counterparty (buyer/payer). The supplier and buyer can be either a commercial company or a government agency/enterprise.

Saving time, reducing company costs, reducing the number of errors when entering data into an accounting program.

The goal minimizing the amount of work and the number of personnel involved in the creation of an invoice for payment. The e-Cont.md service does most of the work for people. In addition, there is no need to print out an invoice, send it by E-mail (or in some other way), enter it into an accounting program.

From technical point of view, the Electronic invoice (e-Invoice) for payment is the circulation (sending, receiving and storage) of invoices between the supplier and the buyer in an integrated electronic format without using paper invoices as original documents.

The definition of an true electronic invoice

Electronic invoicing is that they must contain data from the seller/supplier in a format that can be entered (integrated) into the buyer's accounting system without the need to enter any data from the buyer's administrator or accounting department.

As this allows for a number of formats to be employed, it is useful to apply the following guidelines:

  • An true e-Invoice

    • Structured invoice data issued in Electronic Data Interchange (EDI) or XML formats;
    • Structured invoice data issued using standard Internet-based web forms.
  • Not a true e-Invoice

Although significant cost and time savings can be achieved by removing paper and manual processing from invoicing (invoice treatment), the real benefits of e-Invoicing come with the level of integration between goods supplier or service provider and the buyer as well as between invoicing software and other business systems.

Invoice for payment – Legislation of the Republic of Moldova

According to paragraphs (7), (8) and (9) of Article 11, Law No. 287 of December 15, 2017 on accounting and financial reporting or details here:

  • The invoice for payment is the primary document
  • The invoice for payment is NOT primary document of STRICT reporting
  • in electronic form, the signature is not a mandatory element

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