Issue Date
What is it
The specific calendar date when the invoice is created and sent to the client. It marks the formal request for payment. It typically corresponds to the date the document is finalized.
When is it required
It is mandatory on all legal invoices. It serves as the reference point for payment terms. Tax laws insist on accurate dating for revenue recognition.
Regional regulations
The deadline for issuing an invoice after the supply of goods or services varies by jurisdiction.
| Region | Requirement | Deadline |
|---|---|---|
| EU (B2B) | Mandatory | By the 15th of the month following the supply. |
| UK (VAT) | Mandatory | Within 30 days of the time of supply. |
| USA | Low Regulation | No federal deadline. Governed by state "statute of limitations" for debt collection. |
| Australia | Mandatory | Generally within 28 days of the request by a customer. |
Common pitfalls
- Backdating invoices to manipulate tax periods. This is illegal in most jurisdictions.
- Confusing the issue date with the service delivery date. These separate events usually require distinct dates.
- Using ambiguous date formats like 02/03/2024. International clients may mistake March 2nd for February 3rd.
Common mistakes when filling the field
- Leaving the date field empty or set to a placeholder. This renders the invoice valid indefinitely or invalid.
- Setting a future date for services already rendered. This delays the tax point incorrectly.
- Inconsistent formatting across different documents. This confuses automated scanning systems.
Why is it there
It establishes the tax point and starts the clock for payment deadlines. It ensures accurate accounting for both parties. It defines the aging of the debt.