Standards for electronic invoicing vary widely from country to country.

The European Commission has addressed the question of standardization of electronic invoicing (e invoicing) in the European Union in two aspects.

UN CEFACT has set up a new Trade Facilitation project to revise its existing Recommendation 6 on the Invoice for International Trade, adapting it to the business and regulatory requirements of electronic invoicing (e invoicing).

It is still common for electronic remittance or invoicing to be printed in order to maintain paper records.

To save the administration work, invoicing is normally processed on monthly basis.

Over and under invoicing of trade, for example, is a time tested way to spirit money out of a country.

Regulation of determining the custom value developed on the basis of WTO principles, are used in Armenia which enables to prevent under invoicing or over invoicing of exporting and importing goods with maximum efficiency.

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The study analysed 14 steps in the procurement process from specifications and vendor registration to shipment tracking, invoicing and payments, and found that specifications, supplier registration and requests for information during the tendering process and payments, were the most electronic , while invoicing was the least.

Responsible for the opening of bids, the follow up of local purchase orders and contracts, monitoring of deliveries, performance and related invoicing.

The dollar will remain important for many countries as a vehicle for intervention in foreign exchange markets, as well as for invoicing and for denominating internationally traded securities.

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Electronic Data Interchange (EDI). This project is expected to be completed by January 2006 (for work on e invoicing undertaken by UNECE, see paras.

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