invoicing period and time it lapses
Hi
Please advise me on any legislation that states the period to invoice for services rendered before it lapse to legally charge for a service.
Ie can I bill for work done after 1-2 years and what is the maximum period I am legally allowed to charge
Category: Business Matters, Accounting and Taxation
Region: South Africa, KwaZulu-Natal
1 Answer
An invoice is simply a claim that someone or company owes you a specific amount of money for goods delivered or services rendered. There is no law that tells you the time period within which you should make a claim. However, once you have made that claim, and it remains unpaid, you have 3 years to issue a court summons to enforce payment otherwise the claim is extinguished or in legal parlance it prescribes . ( Prescription Act ).