How to Differentiate a Contractor Quote with a Contractor Invoice?

free printable contractor quote template excel

In the process of a transaction, 2 process systems are usually applied. They are called the offering letter (quotation) and also the transaction document (invoice). Both of these documents have their differences.

As the name implied, an offering letter or a quotation is where the construction company gives a formal offer to the other party of the job or project that they have inquired about. This can be for individual projects or business construction projects as well. It is very common to have codes, types of services, and packages to be included in the quotation letter too.

It will be the same with a contractor’s quotation as well. The contractor quote will include all the mentioned above and also the details of both parties involved too. This way, if the potential client agrees with the quotation price with no more negotiation needed, they can start working on the proposal and contract of the project.

At the end of the project, after it has finished, the construction company will be able to issue them with an invoice that will request them to finish their payment. If they have paid their down-payment (deposit) before, they will only have to pay the rest of the amount that they owe.

Both the quotation letter and the invoice that is sent out to the client can be used as proof of transaction and legal documents that need to be filed and stored properly. These documents will be needed in the future especially during the auditing process and when the finance department is going to count their income tax that they need to pay to the government each month.

With a contractor’s quote, since it is used as an offering letter, it doesn’t need anything else. However, with the invoice, you will need to attach a receipt (if possible) and also the tax form for the transaction so that the client also knows what they are being taxed for with the service.

Contractor Quote Template | Excel – download

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How to Differentiate a Contractor Quote with a Contractor Invoice? | Matilde Greco | 4.5

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