Invoices are essential for businesses handling cross-border payments, especially when making purchases from suppliers in countries like China or Vietnam.
With ZendBusiness, invoices ensure that payments are accurate, well-documented, and processed smoothly.
What is an Invoice?
An invoice is an official document provided by a seller or supplier that serves as a request for payment. It includes critical details to ensure that the transaction is clear, traceable, and error-free.
A standard invoice contains:
A list of goods or services being purchased, including quantity and price.
The total payment amount (including any taxes or fees).
The supplier’s banking details, such as account number and routing number, are required for the transfer.
A unique invoice number, which helps track payments and manage records.
Example of an Invoice:
Let’s say you’re running an online fashion store in Nigeria and sourcing bulk materials from a supplier in China. Your supplier will send an invoice with details such as:
Supplier: Guangzhou Textile Co. Ltd.
Invoice Number: CHN-INV-6721
Product: 500 meters of cotton fabric
Total Amount: $2,500
Bank Details: Bank of China, Account No. 123456789
Once you receive this invoice, you’ll use it to make a payment through ZendBusiness. The invoice number will serve as a reference in case any issues arise.
Why is an Invoice Important?
Proof of Agreement: It serves as legal proof of the transaction between you and your supplier.
Transparency & Accuracy: It ensures both parties have the same understanding of what is being paid for.
Financial Record-Keeping: Helps businesses maintain clear records for accounting and tax purposes.
Prevents Disputes: If there is any confusion or issue with the transaction, the invoice can be used to verify details.
How to Use an Invoice in ZendBusiness?
ZendBusiness makes it easy for businesses to process invoices and send payments without complications. Here’s how you can do it:
Step 1: Upload Your Invoice
When making a payment request, upload a clear copy of the invoice provided by your supplier. Ensure the details are visible and match what you’re paying for.
Step 2: Verify Banking Details
Before confirming the payment, check that the supplier’s banking details in ZendBusiness exactly match the ones on the invoice.
Even a small mistake in the account number or bank name can cause delays.
Step 3: Use the Invoice Number for Tracking
Every invoice comes with a unique number. If you ever need to reference the transaction, you can use this invoice number to track the payment status in ZendBusiness.
Example:
If you’re importing electronics from Vietnam. You receive an invoice from your supplier and submit a payment request in ZendBusiness.
However, after submission, you see an “Action Required” notice because the supplier’s bank account number does not match the invoice.
ZendBusiness alerts you so you can correct the error before the payment is processed.
By following these steps, your payments remain secure, traceable, and free from unnecessary delays.