What is the difference between Invoice and Statement?

Many at times, invoice and statement are used interchangeably for each other, but this is not always right. An invoice can be a statement, but a statement might not be an invoice. An invoice is a statement requesting for money, while a statement is the state of the person’s account. An invoice is a statement or bill that contains the prices of charges of particular purchased goods or services rendered. A partial payment of the invoice can be referred to as a statement of account.

A statement is a document or report that shows the status of a customer, it can be used to request for payment, and it also contains debits and credits of account. Statements can be given to customers as required or on a fixed, regular basis. The invoice can also be referred to as a sales receipt; it’s usually given for goods or services that are not paid for immediately. The invoice can be drawn for bills like electricity bills, water bills, cable bills, and other bills. Brokerage account statements, insurance statements, and bank statements are examples of statements.