Question

Wise Guys Consulting issues an invoice for $9,000 to one of their clients for services provided. The terms of the invoice call for payment 30 days after the invoice date. What would be the impact at the date the services are completed and invoiced?

Answer 1

Answer:

The impact on the date the services are completed and invoiced is just that the payment of $9,000.00 has been processed and received on the 30th day of the month.

Explanation:

While entering an Advance Payment (AP) invoice, there is the option to enter an invoice and posting date: Invoice Date – refers to the date of the actual invoice, This is used to determine the due date. The payment terms use this date to determine the due date and discount period. Post Date is used for releasing to General Ledger.

A transaction date in the date upon which a trade takes place for a security or other financial instrument. The transaction date represents the time at which ownership officially transfers