Coding System Flashcards
what does a coding system help?
a business to accurately reference customers, suppliers and products
what will the codes be used for?
the codes will be used in the accounting records, in the day books, receievables, payable ledgers and business docs
will codes be entered digitally or manually
codes will be entered both digitally and manually
what are the different types of codes?
customer acc
supplier acc
product
what is a customer code?
a unique code given to a cust
what is a supplier code?
a unique code given to a suplier
what is a product code?
a unique code given to an individual product type
when will codes be used?
sales
salesa returns
purchases
recieveables and payables
purchase returns
disc ounts allowed
discounts recieved
how are codes created?
number only, letters only, or both
what do the codes often start with in the general ledger?
GL
what do individual codes allow?
a business to see how much product they are selling
