What is a Commercial Invoice?
The commercial invoice is a legal document between the supplier and the customer that describes the goods sold and the amount due by the customer. The commercial invoice is one of the main documents used by customs in determining customs duties.
If you plan to sell goods to companies in the EU after the 31/12/2020 then you will need to produce a commercial invoice. This can be generated from your Sage Intacct or Sage 300 system.
What information should a commercial invoice contain
Your commercial invoice must contain the following:
- Addresses of seller & buyer
- Credit terms and method of payment
- Date of invoice
- Description of goods
- EORI number
- Net weight of goods
- Commodity Codes
- Country of origin
- References numbers (i.e. purchase order number)
- Incoterms (and freight charges for pre-DAP terms)
Your commercial invoice can also optionally contain:
- Any changes from a Contract or previous agreement
- Any other marks, numbers and measurements
- Invoice number or other auditable reference numbers
- number of packages, pallets, crates etc.
- Port of export and import
- Proforma reference number
- Transport tracking number or bill of lading number
Why do I need a commercial Invoice?
The most important reasons for a commercial invoice are that it is needed for shipping the goods and for customs purposes such as calculation of duties. In addition it can be required for the following reasons:
- You may need it to assist with Loans, Grant programs, & Reclamations.
- An important supporting document for any potential insurance claims
- If a letter of credit is required, the buyers bank will want to examine it before releasing payment.
- Used along with an Inspection Certificate it can prove the quantity and quality of a consignment.
How can Accord help us?
You will need to make some changes to your Sage 300 or Sage Intacct system to produce a commercial invoice or to amend your current commercial invoice to comply with the new requirements (EORI number, incoterms & commodity codes). We have bundled up this work into a fixed price to make it simple for everyone. You will get:
- Set-up a dropdown list of Incoterms to use when creating an order, shipment and invoice
- Amendment of your invoice layout to include: Incoterms, EORI Number and Commodity Codes
- Briefing / Training session with one of our expert consultants
- Fixed price set-up price of £250 plus £50 per additional invoice layout.
Contact us today on our Brexit Hotline: +44 1732 868765