Accuracy of Invoices Flashcards
how can oyu check the accuracy of supplier invoices?
non- delivery of goods
incorrect quantity
incorrect calculations
incorrect discounts
date and terms of payments
whats important when goods are being signed for?
to check that all items have been received
what do you do if it is not possible to check all itmes have been receieved when the courier drops them off?
check as soon as possible
what will be used when a business pays a supplier?
payables ledge acc
inovices
credit notes
statement of acc
when must the payment terms and discounts be checked?
prior to sending payment
any discrepancies must by identified, including:
timing differences, wrong amounts, missing trans, duploicated trans
where should oyu enter reciepts and payments?
into an analysed cash book
what should you include on a analysed cash book?
date, details, cash, bank, analysis columns
what is the cash book?
a record of cash receipts and payments
is a cash book used for a book of prime entry or the double entry system
both
what are the docs & trans used to enable the cash book to be completed?
direct debits
remittance advice
standing orders
cash receipts
paying in slips
cheque stubs
receipt and payment
what can recurring entries be set up for?
either receipts, or paymnets in a digital bookkeeping system
what is recurring entries suitable for?
items that are paid/recieved on a regular basis and for the same amoutn
what do you need to set up a recurring entry for payment?
bank acc code
trans details
nominal code
trans ref
start date and how often
total required postings
what does posting include?
the net, VAT, and tax code
