Source Documents Flashcards
Source document
A record of transaction that took place in the business (tracks the flow of money)
Record must be accurate and up to date
Types of financial records
- documents (contracts, cheques, receipts)
- bank statement
- cash register tape
- credit card receipt
- packing slip
- suppliers invoice
- time card
Bank statement
Printed record of balance in a bank account and the amounts that have been paid into it and withdrawn from it
Purpose: if an unauthorised change happens in your account you can compare a bank statement with your records
Cash register tape
Provides a written record of your transactions
Purpose: to check mistakes and keep track of what you spent and provides proof for buying something (mostly for cash)
Credit card receipt
Hard copy document that shows a transaction that took place with a credit card as opposed to cash
Purpose: a physical way to keep track of any transactions made
Packing slip
A shipping document attached inside a delivery package, including information of the contents of the package
Purpose: to inform everyone about the package to help them deal with the package
Suppliers invoice
The bill from a vendor that shows the parts someone needs
Purpose: to update the suppliers account with the invoice balances
Time card
A card used with a timer to recorded an employee’s starting and quitting times each day or on each job
Purpose:to check how long a worker has worked before getting paid
