No I wouldn’t say that invoices are contracts. There might be a contract which describes the products to be sold and the prices at which these products will be sold. Then, invoices will be issued to support the sale which are used for accounting and tax purposes. But they are not a contract per se.
The Accounting and Finance Community
ARTICLES
Accrued Rent Income – Example With Journal Entries
When is Earned Revenue Reported?
Do You Pay Tax on Drawings From a Business?
Contingent Asset Accounting and Analysis
Accrued Revenue Accounting and Journal Entries
Accrued Expense Accounting and Journal Entries
Prepayments Occur When Payments Are In Advance
Sunday, January 24, 2021