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BasicBusiness and taxes1 min

A payment invoice (rakhunok-faktura) is a document that a seller sends to a buyer as a request to pay for goods or a service: what, how much and to which details.

In plain words

In Ukraine a payment invoice is also called an invoice for payment. By itself it does not yet prove that the goods were handed over or the service rendered: for that, a delivery note, a service acceptance act and similar documents are drawn up. Payment against the invoice is the ground for the transfer, and the payment purpose should state the invoice number and date. Do not confuse it with a tax invoice, a different document that VAT payers issue to account for the tax.

Example. A designer sends a client payment invoice No. 15 of 2 October: “Logo – UAH 6,000”, with the sole proprietor’s details. The client pays, and once the work is done the parties sign an acceptance act.

Related terms

← The whole glossary

Word of the dayCompound interestBasic

Compound interest (capitalisation) means that interest is paid not only on the original amount but also on interest that has already been added.

Example. UAH 1,000 at 10% a year: with simple interest you have UAH 1,100 after a year, and with monthly compounding 1,000 × (1 + 0.10 / 12)^12 ≈ UAH 1,104.71 (an illustrative example).

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