Invoices And Discounts Flashcards
Purchase order
Document issued by the buyer to a vendor listing products or services wanted.
Invoice
Record of the sales transaction showing the quantity of each item sold with its individual price, changes, total price and payment terms.
Receiving report
Lists each item received and is prepared by the person or department that receives the order.
when the merchandise arrives it may be a copy of the purchase order.
Credit memorandum
Notifies that they have received a credit on their account for the amount of the return merchandise
Voucher checks
The detachable portion showing the invoice number being paid by the chick
Statement of account
Send monthly by businesses to each customer with an open account balance indicating the months transactions, including the balance at the beginning of the month, payments made during the month, any credit form granite memorandums, and the balance owed at the end of the month.
Manufacturers
Purchase Raw materials and/or parts to make finish products. Manufacturers sell their products to other manufacturers, wholesalers, or other sales intermediaries
Whole sellers
Often called the middleman, buy merchandise for manufacturers or other wholesalers and sell to retailers who intern sell directly to you the consumer.
Retailers
Sell directly to the consumer
Bill of lading
A contract between the seller and the carrier is prepared and sent with the shipment it contains information about the origin and date of shipment, and transport vessel or vehicle and freight charges, the way in the value of the goods being shipped, and their destination. The buyer signs the bill of lading to verify delivery
Free on board FOB
Sometimes stated as freight on board, is used to identify the point at which the buyer takes ownership and responsibility for the goods. That is, the point at which the shipper is free of responsibility for that shit. It is also the point in which the buyer must begin paying shipping, or freight charges.
FOB shipping point
The buyer takes title to the goods at the sailors point of shipment and pays the freight to the buyers business location
FOB destination
The seller maintains ownership until the goods are delivered to the buyer and buyers the cost of shipping.
Pre-paid shipping
When their sales terms call for FOB shipping point, the buyer will require the seller to pre-pay the shipping charges to the carrier
Freight collect
The shipper will not agree to pre-pay the shipping cost and the goods are delivered, meaning that the buyer must pay freight charges to the carrier before taking delivery.
