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btec business first diploma

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Introduction

P4 Whitehouse crafts In this task I have been asked to list all the different types of financial records and documents and I will talk about them all in the depth and let you know why they are important and how they will help Whitehouse crafts. Most businesses allow there customers to have a period of credit. This means that customers do not have to give money for a purchase straight away. There are a lot of steps with this type of transaction though. Purchase order In businesses every purchase that a company makes should be officially ordered and every order must be signed by a member of the company. A purchase order is just a confirmation of what the business has ordered and every item. They can usually be sent by fax, post and electronically. A purchase order will have a special number to prevent fraud. Invoice Another document used is an invoice. This is used to let the company know how much they owe. It is basically a bill for payment. ...read more.

Middle

All of these financial documents prevent fraud. They can help to prevent fraud because on each of these financial documents you have to sign for them and this would mean that no one else could try and claim your purchases. Remittance advice slip In some occasions invoices are accompanied by a remittance advice slip that the customer's returns to the company with a cheque payment. The remittance slip makes it easy for the supplier to find out which invoice relates to the payment. Day books Some businesses use day books to get a clear summary of certain transactions that have taken place before this information goes to the main accounts. I will list all of the day books below. Sales day book Sales day book records all the sales made to date from invoices that the business has issued. Sales return day book A sales return book records any goods returned from customers. It also lists all the credit notes distributed by the business. Purchases day book A purchase day book records all purchases by the date when which the item was purchased. ...read more.

Conclusion

The business should also keep a record of these on a database so that they can keep a track on every sale they make and how much money they have been making daily. What documents would you suggest are used when purchases are made? There is a document that is suggested to a company when a purchase is made which is called electronic point of sale systems. This is a system that includes bar code scanners and PC-linked cash registers that are linked with credit card payment systems and stock control software. Another document that could be used is a cheque. Cheques are only used when a customer is not paying by cash or a credit card. Cheques are a very useful way of a company selling products. A document that is used when a business has purchased something from a supplier is an invoice. An invoice shows in full details all the goods that have been bought and lists if there have been any discounts and so on. ?? ?? ?? ?? Shakir Ahmed ...read more.

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