Reciepts And Payments Flashcards
Define receivable statement
Customer statement.
A statement that shows all of the invoices and credit notes that have been sent to an individual credit customer for that month along with any outstanding debts.
Will also include details of recent payments made by the customer.
Define payable statement
Supplier statement.
A statement that shows all of the invoices and credit notes that have been received from an individual credit customer for that month along with any outstanding debts.
Will also include details of recent payments made to the supplier.
List 4 things to check on a cheque
The date (must be used within 6 months of the issue date)
Payees name
The words and figures should agree
Signed
Define remittance advice
A blank document that the customer completes when making a payment to the supplier.
Shows the payment being made and which invoice(s) the payment is relating to.
Define petty cash voucher
An internal document that details the business expenditure an employee has incurred out of his own money
Define cash
Money in coins or notes
Define credit card
A plastic card that is issued by a bank allowing the holder to purchase goods or services on credit
Define debit card
A plastic card that is issued by a bank allowing the holder to transfer money electronically from their bank account when making a purchase.
Define cheque
An order to a bank written on a specifically printed form that states a sum to paid from the account holders account
Define BACS
(Bankers Automated Clearing Services)
An electronic system to make payments directly from one bank account to another. Transfers take a matter of seconds.
Define faster payment services (FPS)
An electronic system that makes payments directly from one bank account to another within seconds.
Define standing order
An instruction to a bank by an account holder to make regular fixed payments to a particular person or organisation.
Define direct debit
An instruction to a bank by an account holder authorising the organisation the account holder wants to pay, to collect varying amounts from the account. Advance notice of the dates and amounts taken must be given in advance.
