Source Documents Flashcards
(9 cards)
What is an Invoice?
Invoices are documents that record sales of goods or services and can be for customers [Duplicate] or for suppliers [Orginal].
What is a Credit Note?
Credit notes or returns are documents that record those goods have been returned. The same legislation requirements for an invoice will also have to be included on a credit note.
What is a Receipt?
Receipts are documents that record money coming into a business. A receipt can be written out of cash, credit card payments or any other kind transfer.
What are Deposit Books/Slips?
Deposit books and slips are used when money is deposited into a bank account. For a business, it is beneficialto ask the bank for a deposit book if you are going to be doing deposits regularly. This makes record keeping much easier.
What is an EFT?
Electronic funds transfer are monies transferred via internet banking for goods or services invoiced. This is the most effective way of receiving and paying monies into or from a company.
What is a Petty Cash Voucher?
Petty cash vouchers are record money that has been spent from petty cash. Most stationary stores stock petty cash voucher books
What is a bank statement?
Bank statements are important source documents for transactions that happen directly into and out of your bank account.
What are some of the rules regarding tax invoices?
~ The trading name and address of the supplier must appear on the invoice.
~The Vat number of the supplier must be present.
~The date that the invoice was issued needs to display.
~ The total value of the invoice needs to be displayed.
~ The legal name and address of the recipient of the invoice needs to be present.
A company will give a receipt when money was received:
~ From the owner when he/she contributes capital.
~ From a customer for services rendered.
~ From a tenant for rent income.
