Learn something new every day
More Info... by email
Also known as a collection document, a collection paper is any type of hard copy or electronic documentation that is connected with specific types of financial transactions. Typically, the content of the paper will have to do with benefits of some type that are either considered proof of a transfer of ownership in goods and services, or serves as the basis for tendering payment for those products. There are may different types of collection papers in use, with some of the more common being, invoices, waybills, and insurance certificates.
One of the most easily recognized examples of a collection paper is the invoice. This type of document is prepared as a means of identifying the basic details related to a financial transaction, such as the purchase of goods or services. While the amount of detail included will vary, this type of collection paper will normally include the name and contact information for both the buyer and seller, a description of the items purchased, and the amount due the seller for the purchase.
Different types of waybills are also common examples of the collection paper. This includes a bill of lading that is often prepared to accompany goods while in transport between a buyer and seller. In a similar application, airway bills also are prepared for shipments that may involve transport by plane as well as by rail and other over the road strategies. Like an invoice, a waybill or bill of lading will include essential data to make sure the goods in transit are identified properly, and that the destination for the goods is clearly indicated.
The insurance certificate is also a type of collection paper. With this document, the focus is often on providing evidence that some type of insurance plan covers a certain asset. Proof of insurance is often required when it comes to both domestic and international shipping situations, and helps to ensure that in the event of some catastrophic event, both the interests of the buyer and seller are protected.
A collection paper of any kind will contain data that is relevant to the stated purpose of the document. Often, the actual scope of the content will depend on any governmental trade regulations that apply to the particular type of paper being prepared. When compiling a collection paper, it’s a good idea to make sure the document is in compliance with current trade regulations, since any errors or omissions could delay the successful completion of the transaction involved.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!