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Credit note – A special invoice – what does it mean?

credit note
from Leni

Credit note – A special invoice – what does it mean?

A special invoice is a credit note / billing credit note. Unlike a traditional invoice, a credit note is not written by the service provider, but by the service recipient (“customer”). This is why the settlement credit note is also called a “reverse invoice”.

From a tax law perspective, the settlement credit note is the same as an invoice and therefore a credit note must also contain all of the following mandatory information in accordance with Section 14 (4) of the German Turnover Tax Act (UStG):

  • Name and address of the recipient and supplier of the service
  • Tax number or VAT ID number of the service provider
  • Date of issue
  • Consecutive credit note number / invoice number
  • Quantity/type of delivery or service
  • Date of delivery or service
  • Remuneration (broken down by tax rates) 
  • Reference to obligation to keep records (in case of taxable supply)
  • the description as “credit note

However, in common usage, the term “credit note” is not understood to mean the settlement credit note described above, but rather a correction or reversal invoice. These are what are called “commercial credit notes”. A small example: A customer requires, because of defects at the product, a purchase price reduction. The service provider accepts, cancels the invoice and issues a new one.

And then there is also the bank credit note and the credit note in accounting

In accounting, the term stands for the entry on the credit side of an account and a bank credit note is simply payments received in a bank account.

All these credit notes that reach our company and perhaps make our eyes light up at first, are nevertheless also documents that have to be processed.

With DOC² you can do that in just a short time. DOC² is the newest, fully cloud-based software solution that uses artificial intelligence and machine learning to accurately identify, classify, analyze and read your documents. Let’s get smarter and more digital together.

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Not again an invoice

invoice
von Leni

Not again an invoice

No one likes getting invoices, after all, that means paying money. Much rather be on the other side and write invoices to others and then receive money. Isn’t that right? And yet they are part of the documents we encounter again and again in business – these invoices.

An invoice is a document with which a company settles deliveries and other services with the recipient of the service. It does not matter how this is called exactly (Invoice received, Invoice issued, Invoice deducted, Invoice final, etc.). Invoices can be roughly divided into two groups from an accounting point of view: Cost and Goods Invoices.

The difference between cost and goods invoices is that a #goods invoice always refers to an order of goods, while a cost invoice mostly refers to services rendered.

Example:

You order a truckload of construction material. Here you will receive a goods invoice that refers to your order and also explicitly shows what is charged for goods.

In the case of a service (telephone bill,…), you are usually charged according to the time and effort involved. That is why this is called a cost invoice.

So now we know what an invoice is, sell our goods/service to a customer and invoice him for it. What do we have to pay attention to, what must be on an invoice in any case? According to §14 UStG, the following points must be included on an invoice:

  • Full name and address of the company providing the service and the recipient of the service
  • Tax number (tax ID) or VAT ID (USt -IdNr.) of the performing company
  • Date of issue / Invoice date
  • Consecutive unique invoice number
  • Date of delivery or service
  • Quantity and type of delivery or service
  • Invoice amount, broken down into net amount, tax rate, tax amount and gross amount

Regardless of the way you receive invoices, electronically or by mail, they all need to be processed. With DOC² you can do this in just a few minutes. Thanks to AI swarm intelligence, DOC² is able to scan and process invoices in the shortest possible time.

Would you like to learn more about how this is possible?

Then don’t hesitate to ask us.

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invoice

Image credit: Header & Featured image from jannoon028 on Freepik

Automated Invoice Receipts – too good to be true? 🤔

Automated Invoice
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Automated Invoice Receipts – too good to be true? 🤔

Imagine you could use Artificial Intelligence and guarantee a more accurate, faster and cheaper invoice receipt process. 

Luckily, you don’t have to just imagine anymore – because we developed a tool that makes it possible. 

Thanks to a modern cloud and API architecture and a direct integration with all ERP systems, you can say goodbye to manual processing of your invoices. 👋

How does it work?

✔️Import your invoice (PDF, scanned, mailbox, shared drive, forwarded email)

✔️Invoice data extraction in progress (automatic data extraction, without any template)

✔️Self-improving feedback and data validation (if necessary)

✔️Receive your data/system integration (structured data is automatically imported into your ERP or accounting system for further processing, e.g. payments)

And just like this, you can reduce the cost of processing an invoice from €18 to as low as €4.💫

Automated invoice receipts

Did we spark your interest? 🙌 Give it a try yourself!

👉 https://doc2landing.cloudintegration.eu/

Digitizing documents with AI

AI
von

Digitizing documents with AI

Digital files have a clear advantage over paper documents.

Fortunately, critical business processes can be automated. State-of-the-art data processing technology is able to optimize document digitization via artificial intelligence (AI) and machine learning. 

AI algorithms can collect data and important information, comparing it with various document patterns. Companies are thus able to extract specific data from their documents.

This applies not only to document’ content, but also to documents in general:

For example, you can obtain information about how many documents of a certain type are available.

You can track your own document usage and other key figures in order to identify changing patterns and trends. 

Future integration with automatic invoicing is also possible.

Although the processing of documents using artificial intelligence is still a very young field, it is developing rapidly.

With a digitization strategy, companies can significantly improve their efficiency of document management in major business areas.

Let’s get in contact!
Digitizing Documents with AI

Digitizing documents with AI

Digitizing
von

Digitizing documents with AI

Digital files have a clear advantage over paper documents.

Fortunately, critical business processes can be automated. State-of-the-art data processing technology is able to optimize document digitization via artificial intelligence (AI) and machine learning. 

AI algorithms can collect data and important information, comparing it with various document patterns. Companies are thus able to extract specific data from their documents.

This applies not only to document’ content, but also to documents in general:

For example, you can obtain information about how many documents of a certain type are available.

You can track your own document usage and other key figures in order to identify changing patterns and trends. 

Future integration with automatic invoicing is also possible.

Although the processing of documents using artificial intelligence is still a very young field, it is developing rapidly.

With a digitization strategy, companies can significantly improve their efficiency of document management in major business areas.

Let’s get in contact!
Digitizing Documents with AI