SERVICE INVOICE Definition

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SERVICE INVOICE is an invoice associated with non-professional services, e.g. janitorial, consulting or architectural. See PROFESSIONAL INVOICE and PRODUCT INVOICE.

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JOURNAL ENTRY is the beginning of the accounting cycle. Journal entries are the logging of business transactions and their monetary value into the t-accounts of the accounting journal as either debits or credits. Journal entries are usually backed up with a piece of paper; a receipt, a bill, an invoice, or some other direct record of the transaction; making them easy to record and to maintain traceability for each transaction.

LIABILITY, in accounting, is a loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.

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