Glossary
Glossary
| Audit |
an investigation of the financial records of a business either internally or externally |
| Authenticity |
validity and truthfulness |
| Balance | the remainder -what is left over |
| Cheque | a written instruction to a bank, to pay the person or business named, the stated amount of money |
| Credit Card Statement | sets out transactions made during a set period of time-usually monthly- using the credit account |
| Credit Note | is raised in response to stock being returned with a reasonable explanation. The reason appears the credit note and allows the purchaser have credit with that supplier for the given amount. |
| Creditor | businesses/individuals to whom the business owes money |
| Debtor | businesses/individuals who owe money to the business |
| Delivery Docket | a copy of the invoice without prices |
| Deposit money | (cash, cheques, account transfers) going into an account |
| Deposit book | given by the bank -contains a book of deposits. The deposit slips will be pre-printed with the bank's name and branch details along with your organisation's name and account details |
| Goods and services tax | better known as GST. Is a tax on most goods and services at the point of sale. It can make up to 10% of the cost of a good or service |
| Imprest Amount | a set amount of money advanced to set up a petty cash fund |
| Invoice | is an external document sent by the supplier to the purchaser setting out payment details |
| Petty cash | money used to pay for small items of expense |
| Purchase order | is an external document containing a request from one company (purchaser) to another company (the supplier) to supply certain goods or services on credit |
| Receipt | is an essential source document. It records the details of a transaction. |
| Reconciliation | to bring into agreement |
| Reimbursement cheque | drawn at the end of the period for the amount of petty cash spent |
| Remittance Advice | details the transaction/s covered by a cheque in payment from an account. Is sometimes a tear-off slip at the bottom of a statement |
| Requisition | an authority or request for goods or services |
| Voucher | eg a sales voucher. Records the sale of goods & services by credit card OR a petty cash voucher which is completed for each item of expenditure from the petty cash fund |
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Withdrawal |
money taken out of an account |