Business
Error-Free Invoicing: Mandatory Details and Payment Terms in Practice
· 3 min read
An invoice is the most common business document and simultaneously the most frequent source of disputes. Here is an overview of mandatory requirements and practical tips to ensure you get paid on time.
What an invoice must contain
Identification of both parties, Company Registration Number (IČO), description of the supply, date of issue and due date, total amount, and for VAT payers also the Tax Identification Number (DIČ), date of taxable supply (DUZP), and a VAT breakdown.
Payment terms and default interest
If you do not specify a due date, the statutory statutory period applies. In the event of late payment, you are entitled to statutory default interest and a flat-rate compensation for recovery costs, even without an express contractual agreement.
Preventing unpaid invoices
Requesting advance payments for new clients, screening partners in the insolvency register, and setting up automated reminders. Three simple steps that reduce the volume of bad debts by tens of percent.
Author: FinTaxo expert team
Operated by: Zaklipso s.r.o.
Czech original: read this article in Czech
This article is general information and does not replace individual tax, accounting or legal advice. Czech legislation changes frequently — verify the current wording or discuss your situation with us before acting on it.
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