Disbursement is the distribution of money from sources to recipients. Essential for financial management and compliance in various contexts. Helps monitor cash flow and build vendor relationships
Project manager creates subcontract with vendor using vendor price lists. Subcontract lines can be for time, expenses, or products. Vendor account manager associates contacts with subcontract lines. Fixed-price subcontracts use milestone-based invoice schedules
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Invoice is a bill showing payment amount for contracted services/products. Contains invoice number, date, billing and client details. Includes description, quantities, prices, taxes and due amount
Payee is the party receiving payment in exchange for goods or services. Payer is the party making payment in exchange for goods or services. Payor is the less common term used for payment in formal situations
Disbursement refers to the release or payment of funds from an account. It is crucial for smooth operations and cash flow management. Helps prevent financial stress and ensures timely bill payments