Unit 4 The Accounting Cycle

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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

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