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A statement given by a seller to a buyer itemizing the sale and demanding payment. An invoice may be for the sale of a good or a service. The invoice usually states the names of the counterparties and the goods and/or services purchased, and adds any applicable sales tax or VAT. It may also include the terms of sale, especially if it is a credit sale. An invoice is also called a bill or a due bill. See also: Receipt.
A statement of a liability by one party to another party following a transaction. In the case of a security transaction, a due bill reflects money or securities owed by one broker to the other broker. For example, stock purchased on the ex-dividend date gives the seller rather than the buyer the right to receive the subsequent dividend. However, because the actual payment date of the dividend may follow the ex-dividend date by as much as a month, the buyer will be required to sign a due bill indicating that the dividend belongs to the selling party. Also called bill.