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Small businesses often have a high number of cash transactions daily. Any transaction which involves the immediate outflow of cash towards the purchase of assets, goods, or services can be considered a cash transaction.
Cash invoices are particularly common among small business owners. Invoices are a record of a sale transaction that has taken place, and where the payment method is cash, a cash invoice is issued. When it comes to credit sales, a collection receipt will also be issued when payment is received. But for cash sales, the cash invoice is sufficient.
The common contents of a cash invoice include-
The main difference between cash and credit invoices is the timing of the payment. With cash invoices, the payment is settled almost immediately, whereas, with credit invoices, the payment is settled at a later date.