Get the free Explanation Table for Invoice Returns

Accounts Payable Explanation Table for Invoice Returns December 2011Reason for Return reason is enforced/P cannot process payment from statements in cases This is a best practice that provides both

How to fill out explanation table for invoice

To fill out an explanation table for an invoice, follow these steps:

1. Begin by gathering all the necessary information. This includes the invoice number, date, customer details, itemized list of products/services, quantities, unit prices, and any applicable taxes or discounts.
2. Create a column for each of the required fields in the explanation table. Typically, these fields include the item description, quantity, unit price, subtotal, tax, discount, and total.
3. Fill in the item description column by listing each product or service provided. Be as specific as possible to ensure clarity and avoid any confusion.
4. In the quantity column, specify the number of units or the amount of the service provided. This could be measured in pieces, hours, or any other relevant unit.
5. Enter the unit price of each item or service in the respective column. This should be the cost per unit before any taxes or discounts are applied.
6. Multiply the quantity by the unit price for each item to calculate the subtotal. Record this amount in the subtotal column.
7. If applicable, include a tax column to calculate any taxes that need to be added to the subtotal. Apply the appropriate tax rate to the subtotal and record the result in the tax column.
8. Similarly, if any discounts are applicable, create a discount column. Apply the discount rate or amount to the subtotal and record the discounted value.
9. Finally, calculate the total by adding the subtotal, tax (if applicable), and deducting any discounts. Record the final amount in the total column.

Now, who needs an explanation table for an invoice? Explanation tables are useful for both the issuer of the invoice and the recipient. They provide a clear breakdown of the charges, quantities, and any applicable taxes or discounts. This helps ensure transparency and aids in accurate record-keeping for both parties involved in the transaction.

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What is explanation table for invoice?

The explanation table for invoice is a detailed breakdown of the items and charges listed on an invoice.

Who is required to file explanation table for invoice?

The party issuing the invoice is typically required to fill out and include an explanation table.

How to fill out explanation table for invoice?

To fill out the explanation table for an invoice, one must provide a detailed description of each item or charge listed, along with corresponding amounts or quantities.

What is the purpose of explanation table for invoice?

The purpose of the explanation table for an invoice is to provide transparency and clarity regarding the charges included on the invoice.

What information must be reported on explanation table for invoice?

The information that must be reported on the explanation table for an invoice includes a description of each item or charge, quantity, price per unit, and total amount.