Finance

Applied Business Finance Exam Revision

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  • Created by: Abbie
  • Created on: 22-05-12 16:48

Financial Documents {In order of flow}

Purchase Order- DOCUMENTS REQUESTING BUSINESSES TO SUPPLY GOODS AND SERVICES TO CUSTOMERS.

Delivery Note- ARRIVES WITH THE GOODS DELIVERED. SIGNED BY THE RECIEVER TO CONFIRM THAT THE GOODS ARE CORRECT AND UNDAMAGED.

Goods Recieved Note- A COPY OF THE DELIVERY NOTE LEFT WITH THE CUSTOMER.

Invoice- A REQUEST FOR PAYMENT, LISTING THE PRODUCTS SUPPLIED & THE AMOUNT OWING {SENT BY A BUSINESS TO A CUSTOMER}.

Credit Note- DOCUMENT THAT TELLS CUSTOMERS THAT THEY NEED TO PAY LESS THAN PREVIOUSLY ASKED OR THAT A REFUND IS DUE {ONLY ISSUED IF NECESSARY}.

Remittance Advice Slips- SENT BY THE CUSTOMERS TO CONFIRM WHICH INVOICES HAVE BEEN PAID.

Cheque- A DOCUMENT INSTRUCTING A BANK TO PAY MONEY FROM ONE ACCOUNT TO ANOTHER.

Receipt- A DOCUMENT SENT BY A SUPPLIER TO A CUSTOMER TO SAY THAT PAYMENT HAS BEEN RECIEVED.

Statement of Account- A DOCUMENT SENT TO A CUSTOMER, LISTING ALL PREVIOUS INVOICES & STATING THE AMOUNT OF MONEY STILL OWING.

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Key Points- Purchase Order

- Always on buyers' header paper {Gives name of the firm, address, telephone number, fax number, website and VAT Registration Number {If applicable}}

- Must be signed to be official

- Must give accurate details of quantity, description. item code & price

- Doesn't include VAT

- Doesn't included the total amount

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Key Points- Delivery Note

- On sellers' headed paper

- Contains no prices

- Buyer signs & keeps one copy

- Buyer should comment if any goods or packages are damaged

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Key Points- Goods Recieved Note

- Sometimes called a 'GRN'

- An internal document

- Records items recieved & any faults

- Copies always sent to accounts and purchases- Accounts then know whether the bill should be paid or not.

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