Invoicing in the construction industry - Revision history

Designing Buildings at 07:18, 12 November 2020

2020-11-12T07:18:00Z

← Older revision		Revision as of 07:18, 12 November 2020
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	* Turnover.		* Turnover.

−	[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]

Designing Buildings at 12:19, 15 March 2019

2019-03-15T12:19:27Z

← Older revision		Revision as of 12:19, 15 March 2019
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	For more information see: Late payment.		For more information see: Late payment.
		+
		+	According to data from online invoicing firm Tungsten, published in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud each year. Fraudsters use tactics such as; embedding viruses in email attachments, attaching unknown invoices to an email or via post, making false changes to bank details and sending duplicate invoices.
		+
		+	For more information see: Construction invoice fraud.

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =
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	* Accounting.		* Accounting.
	* Construction invoice fraud.		* Construction invoice fraud.
		+	* Construction supply chain payment charter.
	* Difference between purchase order and invoice.		* Difference between purchase order and invoice.
	* Fees.		* Fees.

Designing Buildings: moved Invoice to Invoicing in the construction industry

2019-03-15T12:15:47Z

moved Invoice to Invoicing in the construction industry

← Older revision

Revision as of 12:15, 15 March 2019

Designing Buildings at 12:15, 15 March 2019

2019-03-15T12:15:21Z

← Older revision		Revision as of 12:15, 15 March 2019
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	* Payment method (such as bank account details).		* Payment method (such as bank account details).

−	~~NB The Housing Grants, Construction~~ and ~~Regeneration Act 1996 (also known~~ as ~~the Construction Act) include provisions to ensure that payments are made promptly throughout~~ the construction ~~supply chain~~. ~~This includes specific provisions~~ in ~~relation to the procedures~~ for ~~making payments~~.	+	Late payment of invoices is a problem for most suppliers of goods and services. In tough economic times the problem gets worse as cash retention becomes a greater priority. In the construction industry squeezing sub-contractors and suppliers is almost 'accepted practice'. A survey of 250 small construction companies in November 2012 found that 97% felt unfairly treated by main contractors, and just 5% of all work was paid for within 30 days.

−	For more information see: ~~Payment notice~~.	+	However all suppliers of services have statutory rights as well as those provided by contract. These include:
		+
		+	* The Late Payment of Commercial Debts (Interest) Act
		+	* The Late Payment of Commercial Debts Regulations
		+	* The Housing Grants, Construction and Regeneration Act
		+	* Small Business, Enterprise and Employment Bill
		+
		+	For more information see: Late payment.

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =
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	* Difference between purchase order and invoice.		* Difference between purchase order and invoice.
	* Fees.		* Fees.
		+	* Late payment.
	* Letter of intent.		* Letter of intent.
	* Purchase order.		* Purchase order.

Designing Buildings at 12:11, 15 March 2019

2019-03-15T12:11:45Z

← Older revision		Revision as of 12:11, 15 March 2019
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−	An invoice is a document issued by a vendor to a purchaser, setting out the products or services that they have purchased (or have agreed to purchase) and the amount that is payable.	+	An invoice is a document issued by a vendor to a purchaser, setting out the products or services that they have purchased (or have agreed to purchase) and the amount that is payable. Invoices can be sent before or after the delivery of products or services, and typically include a payment due date. An invoice can also be sent after a purchase order has been agreed.
−		+
−	~~invoices~~ can be sent before or after the delivery of products or services, and typically include a payment due date. An invoice can also be sent after a purchase order has been agreed.	+

	Once it has been agreed, an invoice is a legally-binding document, detailing a debt owed by the purchaser to the vendor.		Once it has been agreed, an invoice is a legally-binding document, detailing a debt owed by the purchaser to the vendor.
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	* Payment method (such as bank account details).		* Payment method (such as bank account details).

−	~~= Find out~~ more =	+	NB The Housing Grants, Construction and Regeneration Act 1996 (also known as the Construction Act) include provisions to ensure that payments are made promptly throughout the construction supply chain. This includes specific provisions in relation to the procedures for making payments.
		+
		+	For more information see: Payment notice.

−	=== Related articles on Designing Buildings Wiki ===	+	= Related articles on Designing Buildings Wiki =

	* Accounting.		* Accounting.

Editor at 13:42, 18 May 2018

2018-05-18T13:42:31Z

← Older revision		Revision as of 13:42, 18 May 2018
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	* Supply chain.		* Supply chain.
	* The benefits of e-procurement in construction.		* The benefits of e-procurement in construction.
		+	* Turnover.

	[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]		[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]

Designing Buildings at 08:22, 13 April 2018

2018-04-13T08:22:44Z

← Older revision		Revision as of 08:22, 13 April 2018
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−	An invoice is a document issued by a ~~seller~~ to a ~~buyer summarising~~ the products or services that they have purchased (or have agreed to purchase).	+	An invoice is a document issued by a vendor to a purchaser, setting out the products or services that they have purchased (or have agreed to purchase) and the amount that is payable.

	invoices can be sent before or after the delivery of products or services, and typically include a payment due date. An invoice can also be sent after a purchase order has been agreed.		invoices can be sent before or after the delivery of products or services, and typically include a payment due date. An invoice can also be sent after a purchase order has been agreed.

−	An invoice ~~becomes~~ a legally-binding document, detailing a debt owed by the ~~buyer~~ to the ~~seller, once it has been agreed to~~.	+	Once it has been agreed, an invoice is a legally-binding document, detailing a debt owed by the purchaser to the vendor.

−	~~Some of the~~ information ~~that is included in~~ an invoice is:	+	The information set out on an invoice will typically include:

	* Date that the invoice was created.		* Date that the invoice was created.
	* Names and addresses of customer and supplier.		* Names and addresses of customer and supplier.
−	* Contact names and details.	+	* Description of items or services purchased.
−	* Description of items or services purchased ~~(as well as prices, quantities,~~ and any added VAT).	+	* Prices and any added VAT.
	* Terms of payment (i.e. how long the purchaser has to pay the invoice).		* Terms of payment (i.e. how long the purchaser has to pay the invoice).
		+	* Payment method (such as bank account details).

	= Find out more =		= Find out more =

Editor: Created page with "An invoice is a document issued by a seller to a buyer summarising the products or services that they have purchased (or have agreed to purchase). invoices can be sent before or..."

2018-03-28T12:19:00Z

Created page with "An invoice is a document issued by a seller to a buyer summarising the products or services that they have purchased (or have agreed to purchase). invoices can be sent before or..."

New page

An invoice is a document issued by a seller to a buyer summarising the products or services that they have purchased (or have agreed to purchase).

invoices can be sent before or after the delivery of products or services, and typically include a payment due date. An invoice can also be sent after a purchase order has been agreed.

An invoice becomes a legally-binding document, detailing a debt owed by the buyer to the seller, once it has been agreed to.

Some of the information that is included in an invoice is:

* Date that the invoice was created.
* Names and addresses of customer and supplier.
* Contact names and details.
* Description of items or services purchased (as well as prices, quantities, and any added VAT).
* Terms of payment (i.e. how long the purchaser has to pay the invoice).

= Find out more =

=== Related articles on Designing Buildings Wiki ===

* Accounting.
* Construction invoice fraud.
* Difference between purchase order and invoice.
* Fees.
* Letter of intent.
* Purchase order.
* Record keeping.
* Regular invoicing for architects.
* Subcontractor vs supplier.
* Supply chain.
* The benefits of e-procurement in construction.

[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]] [[Category:Procurement]]