When the goods are sold for cash, the seller issues a document to the buyer for the sale so made. The document issued in exchange is regarded as Cash Memo. It is issued only for the cash sales. However, if the goods are sold on credit to a customer, then the document so issued is known as Invoice. Unlike cash memo, invoice is issued only in case of credit sales. On the other hand, when the customer pays the amount for the goods purchased, the document issued by the seller to the customer is known as Receipt.
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