Paid In Full Invoice for South Africa

Paid In Full Invoice Template for South Africa

A Paid In Full Invoice is a formal financial document used in South African business transactions that confirms the complete payment of goods or services rendered. This document serves as both an invoice and a receipt, complying with South African Value-Added Tax Act requirements and other relevant legislation. It includes detailed information about the transaction, parties involved, payment confirmation, and necessary tax information, serving as an official record for accounting, tax, and audit purposes.

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What is a Paid In Full Invoice?

In South African business practice, a Paid In Full Invoice is issued when a complete payment has been received for goods or services provided. This document type combines the functions of both an invoice and a payment receipt, making it particularly useful for record-keeping and compliance purposes. It must comply with the Value-Added Tax Act 89 of 1991 and other relevant South African legislation, including specific requirements for tax information, business details, and transaction records. The Paid In Full Invoice serves multiple purposes: it acts as proof of payment for the customer, confirms receipt of funds for the supplier, provides necessary documentation for tax returns, and serves as an official record for accounting and audit purposes. This document is essential for maintaining accurate financial records and ensuring compliance with South African tax and business regulations.

What sections should be included in a Paid In Full Invoice?

1. Invoice Header: Company logo, 'PAID IN FULL' stamp/marking, invoice number, and date

2. Business Information: Legal business name, registration number, VAT number, physical address, and contact details of the issuing company

3. Client Information: Client's name, address, VAT number (if applicable), and contact details

4. Invoice Details: Description of goods/services, quantities, unit prices, and total amounts

5. Payment Information: Total amount paid, payment method, payment date, and payment reference number

6. VAT Summary: Breakdown of VAT amounts and rates applied

7. Legal Declarations: Standard invoice declarations and VAT declarations as required by South African law

What sections are optional to include in a Paid In Full Invoice?

1. Purchase Order Reference: Include when the invoice relates to a specific purchase order

2. Delivery Details: Add when goods were physically delivered, including delivery date and address

3. Special Instructions: Any special notes or instructions related to the transaction

4. Exchange Rate Information: Include when the transaction involves foreign currency conversion

5. Customer Account Details: Add for regular clients with specific account numbers or references

What schedules should be included in a Paid In Full Invoice?

1. Detailed Item Breakdown: Itemized list of products/services with individual costs when the main invoice contains summarized information

2. Payment History: Record of payment installments if the full amount was paid in multiple transactions

3. Delivery Documentation: Copies of delivery notes or proof of delivery when relevant to the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

South Africa

Publisher

Genie AI

Document Type

Invoice Form

Sector

Sales

Cost

Free to use
Relevant Industries

Retail

Manufacturing

Professional Services

Construction

Information Technology

Healthcare

Education

Hospitality

Transportation

Agriculture

Mining

Real Estate

Financial Services

Consulting

Relevant Teams

Finance

Accounting

Accounts Receivable

Administration

Operations

Credit Control

Tax

Billing

Treasury

General Ledger

Relevant Roles

Accountant

Finance Manager

Accounts Receivable Clerk

Billing Coordinator

Financial Controller

Bookkeeper

Chief Financial Officer

Tax Specialist

Business Owner

Office Manager

Accounts Manager

Finance Director

Credit Controller

Administrative Assistant

Operations Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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