What type of transaction is a cash transaction
Buy Now, Pay Now
What type of transaction is a credit transaction
Buy Now, Pay Later
What is the order when completing a credit transaction
Purchase Order
Sales Order
Advice Note
Delivery Note
Sales Invoice
What causes a credit note?
A request for a refund (debit note)
What is remittance advice
Details of what invoices have been paif
What is shown on a Sales Invoice
Supplier Address
Customer Address
Invoice Number
Date
Goods description
Quantity of goods
Price per unit
Total Amount
What is a Proforma Invoice
It is a demand to receive payment before goods are delivered
What is shown on a VAT Invoice
Everything that is on a sales invoice plus:
Name, Address, and VAT number of the seller
Rate of VAT for each item
Net total
Amount of VAT chargeable at each rate
Total VAT charged
Total amount payable
What is the long form of SOPI
Sales Out Purchases In
What is the VAT Equation?
Output - Input = Paid/Claim
What is the rounding rule with VAT?
You always round down
What are 3 rules with a Credit Note
It must contain same details as a VAT Invoice
It must be issued in sequence
It must be authorised
What are the 3 types of coding?
Numerical
Alphabetical
Alphanumerical
What are the steps when making a purchase on credit
Purchase Requisition
Quotation
Purchase Order
Delivery Note
Goods Received Note
Purchase Invoice (PI Register)
Purchases Daybook
What is the 5 pieces of payment documentation?
Remittance Advice
Cheque Stubs
SO/DD Schedule
Payment Listing
Recurring Entries Schedule
What is the method when paying using a cheque?
Prepare payment listing
Check Invoice
Prepare unsigned cheque
Attach documentation
Sign Cheque
Mark invoice as paid
Send cheque with remittance advice.
Describe the imprest system
An imprest total is set
Vouchers are created for any expenses
Vouchers + Cash = imprest total
Vouchers are filed
Cash is topped up to imprest
What must the petty cash vouchers have?
A sequential number
A date
Description
Amount
Signature from claimer and authoriser
