Here is a great looking Service Invoice Template that can help any business to generate invoices to its customers quickly and comprehensively. Printing invoices is very common task for services based companies and leaves a professional image in the mind of readers if its created with professional layouts. Since this Service Invoice Template is created using MS Word so it is very easy to use and customize from situation to situation. Having a standard Invoice template stored in your PC is much more better than having none to help you in creating Service Invoices at occasions when it is required to send professional invoice to your customers.
Purchase order, also known as a requisition or PO, is a viable document that is also the first authorized agreement issued by a buyer to a seller. It contains quantities, kinds, and approved prices for products or services, which the seller is going to provide to the buyer.
Purchase order is a fully legal agreement that has been sent to a supplier in order to buy products or services. This is the reason why, when a seller accepts a purchase order, it generally becomes a contract between buyer and seller. Therefore, we can say that there will be no contract until the purchase order is approved.
The basic purpose of the purchase order is to keep the check on the purchase of products and services from external suppliers. It is the first step of the “purchase to pay process” in an enterprise resource planning (ERP) system. Thus, it is considered as the most important document.
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Purchase orders are used by all companies, enterprises, and corporations for many different reasons. They help buyers to evidently and unequivocally communicate their objectives to sellers. On the other hand, these orders also protect the sellers in case a buyer refuses to pay for goods or services.
Purchase orders also allow a purchasing agent to keep and maintain the record of all incoming orders as well as pending orders. The good thing about them is that they provide frugalities in that they rationalize the purchasing process to a standard procedure. Many financial institutions offer financial support on the basis of purchase orders. A number of trade finance facilities are provided to businesses against purchase orders, which includes before shipment credit facility, post shipment credit facility, foreign bill purchase credit facility, trade finance facility, order confirmation, and a bill retirement credit facility.
There are also electronic purchase orders that transferred electronically over the internet. These types of purchase orders are used to purchase goods or services online for services or any kind of physical goods.
Generally, the method of writing a purchase order is similar to that of an invoice. It comprises of three main parts, which includes the header, body, and the footer.
- The header includes a letterhead (business name, logo, address, telephone, email address, website address, tax registration number, and business registration number), a purchase order number, a purchase order date, a vendor reference number, payment terms, and customer or client name and address. Also, “Purchase Order” should be clearly written at the top of the page.
- The body of a purchase order has a description of the goods that have been purchased, their quantity, unit of measure, total amount for individual items, as well as price per unit. If it is written for “Work Order” then scope of work and amount for individual items should be included in this part of purchase order.
- The footer of a purchase order contains total amount of all individual items, a tax amount, if applicable, and total after tax, delivery date, other comments such as delivery instructions etc., and any other terms and conditions.
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