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Dictionary of Law Terms: Invoice-book

The Invoice-book, which is ruled like the Day-book is sometimes called the Credit Day-book, and is used for keeping an account of all goods bought on credit. When the goods are bought, an invoice, or account of them accompanies the package, or is received by post, and on being checked off, the items are copied into the book. After the name of the seller of the goods is inscribed, the contraction Cr., and the word By is prefixed to the items entered, which means that the party named is creditor by having sold the articles mentioned. By way of brevity some merchants merely enter the name of the creditor, the date and the amount; and preserve the invoices by docketing, and tying them up in parcels, or by fastening them into a paper-book prepared for that purpose The invoices should in all cases be preserved. The Invoice-book is that in which are entered or posted invoices of all goods purchased; and the Invoice-book Outward is that in which are entered all goods shipped.

The Cash-book contains an account of all cash received and paid, and of discount received and allowed, and is a useful book whether kept by single or doubleentry, as it shows at all times the money received and paid, and the amount remaining on hand. It is ruled for date and double money-columns on each page. Two pages, one opposite the other, are required for the entries; that on the left hand, or debtor page, for the entry of every sum received; and that on the creditor, or right hand page, for every sum paid. The difference between both sides which is called the balance, should always agree with the money remaining on hand. Usually the amounts on both sides are summed up and balanced at stated periods, generally each month; the balance is entered on the credit side to make both sides equal, and also upon the debtor side of the following month.