Glossary+of+Payment+Terms+and+Abbreviations


 * DOMAIN/PROCUREMENT&PAYMENT/PAYMENT/GLOSSARY **


 * Glossary of Payment Terms and Abbreviations **

Payment terms and phrases are sometimes used differently among countries and trade organizations. General terms and “terms of the trade” are listed below separately. The following definitions reflect generic meanings accepted by the UN IFC, EC and WTO.

// **Audit of an electronic invoice** or electronic invoicing process // is the examination of an electronic invoice and/or the processes and systems used for handling or storing an electronic invoice during its life cycle to ascertain the compliance of that electronic invoice and the underlying sales transaction with applicable law. // Vendor // (also //seller, supplier, retailer//) is the Trading Partner entitled to receive or assign payment from the buyer.
 * // Electronic invoice (e-invoice) //** or original electronic invoice (e-invoice): A dataset in the agreed format, issued by or on behalf of a Supplier, which contains all details agreed between the Trading Partners and all the properties that the competent tax administration may wish to audit.
 * // Agreed format of an electronic invoice //** is the electronic data format that the Trading Parties have agreed to treat as the data format of the original electronic invoice - always for taxation and sometimes for processing purposes.
 * // Auditability //** is the completeness, accuracy and merit of a document to withstand the audit process and be considered compliant and correct.
 * // Electronic invoicing //** is //t//he management of an electronic invoice life cycle without the use of paper-based invoices as tax originals.
 * // Issuing an invoice in name and on behalf of the Supplier //** is part of an the accelerated process whereby a party other than the Supplier issues the invoice for the supplier without taking over the Supplier‟s accountability for that invoice vis-à-vis the competent tax administration. The issuing third party may be a Service Provider or, in the case of Self-Billing, the Buyer themself.
 * // Invoicing Service Provider //** is a company that performs certain e-invoicing processes on behalf of the vendor, or that is active in the provision of support services necessary to realise such processes. Vendors or “Trading Partners” can use multiple e-Invoicing Service Providers to facilitate the transaction.
 * // Buyer ( //** **also //customer, purchaser, user)//** is the Trading Partner to whom the Supplier (also //vendor, seller, retailer//) delivers a product that may be obligated to receive the invoice, as well as being required to report and declare; and being entitled to deduct/reclaim applicable input tax VAT.
 * // Self-Billing //** is a TF method of invoicing whereby the Buyer issues the invoice in name and on behalf of the Supplier. Self-Billing may be facilitated by a Service Provider.
 * // Customer //** (See above “//Buyer//”)
 * // Hybrid Invoicing //** is an invoicing process whereby only part of the deliverable product or supplies to the same buyer is administered under Self-Billing procedures, while another part is invoiced directly by the Supplier. Hybrid invoices are intended to be a practical TF expedient to shipment and payment.
 * // Electronic Signature //** data is a TF expedient whereby the electronic image of an actual signature from an authorized representative of either trading partner is attached to or logically associated with other electronic data and which serve as a method of authentication in the past.
 * // Electronic Signatures Directive //** is the agreement codifying the requirements of IFC & international trade forums whereby an electronically transmitted image of a signature can be used in lieu of a hard copy original provided it meets the following requirements: it is uniquely linked to the signatory, it is capable of identifying the signatory, it is created using means that the signatory can maintain under their sole control and it is linked to the data to which it relates in such a manner that any subsequent change of the data is detectable.
 * // Public Key Certificate //** (certificate): a small set of structured data that has been electronically signed by a “certification authority” to “bind” the identity of a legal or natural person to a “public key” that can be used e.g. to verify electronic signatures created by that person.]
 * // Purchaser //** (See above “//Buyer//”)
 * // Issue of an e-invoice //** is a legal term that is defined differently in different jurisdictions. The e-invoice starts its life cycle as a formal document for VAT purposes when it has been issued..
 * // I //// ssuer of an e-invoice //** is the party issuing the electronic invoice (the Supplier or a party – a Service Provider or, in the case of Self-Billing, the Buyer – issuing the e-invoice in its name and on its behalf).
 * // User //** is the individual or organization that requires the product. (See above “//Buyer//”). The user may or may not be the party receiving payment as part of the transaction.
 * // Source Transaction Data //** are relatively dynamic or transaction-specific business documents and information that are typically required to create a compliant invoice. __This may included a contract, an order, dispatch information, delivery information, customer and product files, and possibly other details__.
 * // 3-Corner model //** is an invoicing process set-up whereby Trading Partners have separate contractual relationships with the same Service Provider.
 * // 4-Corner model //** or multi-corner model is an invoicing process set-up whereby each Trading Partner has contracted with one or several separate Service Providers, whereby the Service Providers ensure the correct interchange of invoices between the Trading Partners.
 * // Invoice header data //** is the information that relates to the whole invoice, e.g. invoice date, invoice number, seller and Buyer identification, name and address, bank account details etc. Some data may typically appear as: ** CWA NNNNN:2009 (E) e-Invoicing Compliance Guidelines Commentary to Compliance Matrix 16 **

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