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What\\\'s the difference between a sales invoice and an official receipt?

Know when to correctly issue an official receipt or a sales invoice.
By Henry Ong |

Q: What is the difference between a sales invoice and an official receipt?


A: Sale invoice is used if you sell merchandise/goods. Official receipts for services. Both documents can also be used together. Official Receipt can be issued upon collection of payment from Sales Invoice.

In this case, the Official Receipt is used as support to Sales Invoice so only one transaction shall be considered for recording purposes in the books. Both documents are used as basis for income and VAT declaration.

 

Henry Ong, CMC, CMA, is president and COO of Business Sense, a business advisory firm that provides expert solutions to small and medium sized companies. You may reach him at hong@businesssense.com.ph.

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