The Six Types of Invoices

Problem:

What are the types of invoices and what are they used for?

Solution:

The Time program can produce six different types of invoices.

  1. Interim Invoices from Work in process (WIP)
  2. Final Invoices (WIP)
  3. Proposed Invoices (WIP)
  4. Miscellaneous Invoices
  5. Interest Invoices
  6. Recurring Invoices

Interim invoices from WIP are used to generate invoices without relieving any time or expenses from WIP.

Final invoices from WIP are used to relieve time or expenses from WIP.

Proposed invoices are normally created for review and approval purposes only. Once approved, a proposed invoice can be changed to an interim or final invoice.

Miscellaneous invoices are used to bill clients outside of WIP (i.e., when there are no time or expense entries from which to bill the client).

Interest invoices are used to charge clients for overdue invoices.

Use recurring invoices to do batch billing for charges incurred on a regular basis.