What are Source Documents?* Invoice * Receipt * Deposit Slip * Check Counterfoil * Statement * Payment Confirmation
Why do we have Source Documents?* The first documents that exist relating to the transaction.* Serve as proof for a transaction. - Include date and time
Invoices:* Normally relate to credit transactions* List goods or services provided and their prices.* Suppliers normally send an invoice with goods (or once service has been delivered)* Indicate payment terms(time) * "Bills"
Receipts:* Confirm that services or goods have been received* Normally related to cash transactions
Deposit Slip:* Proof that cash has been deposited in a bank account
Check Counterfoil: * This is the part of the check kept by the drawer (writer) of the check as a record of the transaction
Statement: * A report showing... - The amount owed by one business to another - Details of transactions between the two businesses
Payment Confirmation:* Proof of internet transaction