Hi all - something that's been niggling in my mind for a while...
Why is the term "invoice" used interchangeably with "receipt" in some businesses? Clearly nobody would issue a receipt before payment is made, but why do some businesses issue "invoices" before and after payment? Is there any difference between a receipt and an invoice issued after payment?
From my simplistic point of view, it would be clearer if an invoice recorded how much you were supposed to pay, and a receipt recorded how much you have paid. What am I missing?
Also, is there a strategic reason why some companies are so slow to issue VAT receipts (or invoices) after payment?