Mixed revision Flashcards
What is the statement of account?
-details transactions during the period and shows how much is owed by the customer
What is remittance advice note?
-sent to us by the customer along with payment
-details the amounts being paid
What should we compare the supplier statement with?
-the payables ledger account for that supplier
What is the supplier statement of account?
-lists out all the transactions for the period
-includes invoices, credit notes and discounts
-provides a total and that date the payment is due
Do we Dr or Cr a credit note given to us?
Dr
Do we Dr or Cr invoices we have vouched?
Cr
Do we Dr o Cr our discounts that we are receiving?
Dr
What are the steps to reconciling the supplier statement with the payables ledger?
take balance on the SSoA
1. deduct any invoices sent to us but haven’t been recorded in our payables ledger (we haven’t got the goods/invoice)
2. deduct any payments we have made that aren’t yet shown in the supplier S
take the brought down balance on payables ledger
1. add any invoices that we’ve received from suppliers but haven’t processed yet (any we haven’t yet posted to the payables ledger)
What does a BACS remittance advice do?
-informs the supplier of how much will be paid into it’s bank
What is the purpose of a goods returned note?
-to inform various departments that goods have been returned to the supplier
What is the purpose of a goods received note?
-to inform various departments that goods have been received and the condition that they are in
What is the purpose of cheque requisition?
-to request the authorisation of a cheque when there is no invoice
What does the daybook consist of?
- sales daybook
- sales returns
- discounts allowed
- purchases daybook
- purchases returns
- discounts received
What is the double entry for the sales daybook?
Dr receivables
Cr VAT
Cr sales
What is the double entry for the sales returns daybook?
Cr receivables
Dr VAT
Dr sales returns
