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Billing & Invoicing 📄

Types of Invoices in myBillBook

Written By Team Flobiz

Last updated Over 1 year ago

Overview

Different types of invoices are used for various business transactions, each serving a specific purpose. Invoices must comply with regulatory requirements, especially those set by the Goods and Services Tax (GST). myBillBook supports multiple invoice types to cater to diverse business needs, ensuring accurate financial records and compliance with tax laws.

List of Invoice Types

1. Sales Invoice

  • A standard invoice issued to customers after the sale of goods or services.

  • Used for recording revenue and requesting payment from customers.

2. Tax Invoice (GST Invoice)

  • Issued when selling taxable goods or services.

  • Includes GST details such as CGST, SGST, IGST, and applicable tax rates.

3. Bill of Supply

  • Used by businesses that sell exempt goods or operate under the GST Composition Scheme.

  • Does not include GST but serves as proof of transaction.

4. Credit Note

  • Issued when a business needs to refund an amount due to a return or an overcharge.

  • Helps adjust the taxable amount in GST filings.

5. Debit Note

  • Issued when an additional charge needs to be applied to an existing invoice.

  • Commonly used for price adjustments or extra service charges.

6. Delivery Challan

  • Used to transport goods without a sale.

  • Includes details of the transported items but does not serve as a tax invoice.

7. e-Invoice

  • A digitally authenticated invoice registered on the government’s GST portal.

  • Mandatory for businesses with a turnover above a specified limit.

8. Proforma Invoice

  • A preliminary invoice issued before finalizing a sale.

  • Used to inform buyers about estimated costs and order details.

9. Recurring Invoice

  • Automatically generated invoices for subscription-based services or regular clients.

  • Saves time by automating repetitive billing.

10. Purchase Order Invoice

  • Issued to confirm an order placed by a buyer.

  • Ensures clear communication of purchase details between businesses.

11. Payment Voucher

  • Used to document payments made by a business to suppliers or service providers.

  • Helps track outgoing payments.

12. Recurring Invoice

  • Automatically generated invoices for subscription-based services or regular clients.

  • Saves time by automating repetitive billing.

FAQs

A Sales Invoice can be issued by any business, while a Tax Invoice includes GST details and is mandatory for registered businesses under GST.

myBillBook allows businesses to set up recurring invoices for regular clients.

Go to the Sales section, select Credit Note, and link it to the original invoice for adjustments.

e-Invoices are digitally authenticated by the GST portal and required for businesses above a specified turnover.

Invoices can be edited unless they are e-Invoices or have linked payments. If locked, a Credit/Debit Note can be issued for adjustments.

  • Go to Sales > Delivery Challan and fill in the transport details.

  • Save and print the document for logistics purposes.

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