Recording credit purchases Flashcards
What is a good received note (GNR)?
-An internal document completed by the buyer on receipt of the goods showing the quantity and condition of goods received.
What is a goods returned note?
-The document sent by the customer to the supplier detailing the goods returned and the reason for their return.
What is a supplier’s reconciliation?
-A check of a supplier’s statement of account against the business’s payables ledger to identify and find reasons for any discrepancies.
What is a timing difference?
-A reason for a variance in a reconciliation e.g. A payment has been made but has not yet reached the supplier’s account when the statement is prepared.
What is a remittance advice note?
-A document setting out exactly how a payment is made up (i.e. The invoices/credit notes that it is paying/netting off).
