Reikningi

Reikningi is the Icelandic word used for an invoice or bill, and more broadly for a financial statement or account. In everyday usage, the most common sense is an invoice issued by a seller to request payment for goods or services. The term can also refer to a record of transactions or a ledger, depending on context. The root is reikna, meaning to reckon or calculate, reflecting its ties to accounting and financial record-keeping.

In commerce, a typical reikningur or reikningar includes the seller’s and buyer’s names and addresses, the date, an invoice number, a description of items or services, quantities, unit prices, any applicable tax, and the total amount due. It usually specifies payment terms and the due date. For VAT-registered traders, invoices may show tax information and totals in accordance with Icelandic tax rules. With widespread use of digital systems, reikningar are commonly issued and stored electronically as e-invoices.

In bookkeeping, reikningar are records of revenues and expenses used to prepare financial statements. They are kept as part of accounting documentation to evidence transactions and balances and are typically retained for a number of years in line with statutory requirements. The term can also be used informally for a bill received at a restaurant, service provider, or utility.