Invoicing: An Overview

To keep a record of the products/services procured by a customer, an ‘Invoice' is used. The entire details regarding the customer’s purchase including information of products purchased and their value, taxes, credits, refunds, additional charges and discounts are enclosed in an invoice. Typically an invoice provides the below given details:

  • Details of the seller
  • Details of the buyer
  • Items sold, the corresponding quantity and unit price of each item
  • Taxes or discounts
  • The Net amount payable by the buyer

The whole process of invoicing, from the beginning of a new subscription's registration, the creation date of an invoice, to all the payments done within the buyer and merchant is automated by ChargeMonk. Additionally, to inform the buyers about the transaction status email notifications can also be sent out. All the invoices including the invoice number details, invoice status, implemented credits, customer details, invoice amount, invoice date, retry attempt and more are listed in the Invoices tab.

Below given operations can be performed with the Invoices tab:

  • Based on customer details, invoices can filter, invoice details like subscription details, invoice status, order details, and transaction details.
  • Export invoices as PDF or CSV files.
  • The invoice list can get sorted.
  • Email the invoice.
  • Check the invoice's details page.

Invoice Statuses

Below given is are a small description of invoice statuses:

Paid - This means that the payment has been done successfully.

Payment Due - Attempted charge has failed. Based on dunning settings, ChargeMonk will keep retrying the charge. To collect the payment on an immediate basis you can choose to click on the Collect Now button. During the payment collection via direct debit , an invoice will be marked as Payment Due.

Not Paid - This status means that payment has not been received and no more attempts will be made on such invoices. In case a direct debit transaction fails, an invoice will also be marked as Not Paid.

Pending - This status means that invoices are created for usage-based charges (metered billing).

Voided - The status is used when the invoice has been canceled. Learn more.

Posted - When you have activated Payment Terms (Net D) for your recurring invoices then this status is used. Once the recurring invoices are created, they will get marked as Posted immediately. These invoices will remain in the posted state till their due period will get exceeded. The status of the invoice will change to Payment Due in case the amount has not been paid and the due period has been exceeded.

The below given diagram clarifies the Invoice Status Life Cycle: