Which items are considered Billing Types?

Billing types primarily refer to the documents that detail the amounts owed for goods or services provided. In this context, invoices and credit memos are classified as billing types since they are essential components of the billing process.

An invoice reflects the amount due from a buyer for goods or services delivered, serving as a formal request for payment. It contains critical information such as the items purchased, their costs, payment terms, and due dates. On the other hand, a credit memo is issued to acknowledge that a certain amount has been credited back to the buyer’s account, often due to returns, overbilling, or adjustments. Together, these two documents encapsulate the essence of billing processes—tracking financial transactions and facilitating cash flow within an organization.

The other options do not fall under the category of billing types. While sales orders and deliveries refer to the logistics and ordering aspects of a business, they are not directly related to billing. Similarly, expense accounts and funding requests pertain to financial management and budgeting rather than direct billing procedures. Lastly, budget reviews and financial audits are processes aimed at oversight and evaluation of financial performance and compliance, rather than the generation of charges for goods or services. Thus, invoices and credit memos are the correct representation of billing types in