Purchase Bill

Purchase Bill is the receipt received by the customer for the product he has purchased. A bill is generally a document specifying money to be paid against the order placed. This bill is called Sales Bill by the vendor as he is selling the product and the same is termed as Purchase Bill by the customer as he is purchasing some items from the vendor. Sales Bill reflects money to be credited while purchase bill reflects money to be credited.

Purchase Bill contains information like a reference number that is unique in itself, date of the bill, product details, name and full contact details of the person involved, payable taxes amount if any, and much more. The purchase bill reflects the amount that is with the full consent of both the buyer and the seller. Prior to this bill, there are some other types of invoices used in business terminology. For instance Pro forma invoice.

This is a type of document that reflects a common agreement between the customer and the vendor that a specific product will be sold at a specific price. Though it’s said to be a temporary bill, as neither the seller nor the seller record this for the amount payable nor accounts receivable respectively. There is another type of credit memo. A similar type of other temporary invoices is prepared before receiving the final purchase receipts.