What is the difference between invoices and statements?
You prepare invoices to apply charges and credits to your customer balances, (See next question). The statements, which you can run at any time, list all invoices, payments and current account balances. The statement is an excellent tool to show you what transactions have been processed against each customer (account) number. Some businesses send out only statements to their customers, while others only send out invoices. Some do both. It’s up to you to decide which works best for you. You should send out statements to your customers when you want to “remind” them what their current account balance is and what invoices remain unpaid.
