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Business Documents

JC Business

TermDefinition
Buying on credit means... buy now, pay later
An individual’s or a business’ credit rating may be checked by: Looking up the Stubbs gazette, Contacting other business’ who have dealt with them
Treatment of orders by the seller Date-stamp the order, Get the products ready for delivery, Send order to the office for preparation of delivery docket and invoice, File a copy of the order
Treatment of incoming delivery dockets: Check it against incoming the order to make sure you are receiving what you ordered, File it away and check it against the invoice when it arrives
Treatment of outgoing delivery dockets: Check the name and address of buyer are correct, Check the details are as per order, File a copy, Ensure the docket is signed by the buyer when good are received
Treatment of outgoing invoices Compare prices with quote given, Check calculations for accuracy, Check address of customer, Write in Sales Day Book and post to debtors ledger, File a copy
Treatment of incoming invoices Compare with order and delivery docket, Check accuracy of prices and calculations, Write in Purchases Day book and post to creditors ledger, File a copy
Invoice This is a bill for the goods.
Credit Note Sent from seller to buyer if they have been overcharged or have received faulty goods
Treatment of outgoing credit note Check figures and dates for accuracy, Record in Sales Returns Day book, File a copy
Treatment of incoming credit note Record in Purchases Returns Day book
Statement of Account A document sent from the seller to the buyer at the end of a period of time, usually a month. It outline the transactions that took place between the seller and the buyer during that time
Treatment of outgoing Statements of Account Check all transactions are included and correct, Check the name and address of the buyer, File a copy
Treatment of incoming Statements of Account Compare with relevant documents, Compare with Creditors Ledger, Check all calculations, Pay seller amount due, File a copy
Receipt When the seller receives payment it is usual to issue the buyer this.
Treatment of outgoing receipts Check figures and dates for accuracy, Check the name and address are correct, Record in the Analysed Cash Book on debit side, Keep a copy
Procedure for dealing with complaints Listen to the complaint, Investigate the complaint, Take the necessary action, Reply to the complaint, File a record of the complaint
Effective Purchasing Involves.... Finding the best price, Making sure the goods will arrive on time, Making sure you order the correct amount. Not too much, and not too little, Choosing a reliable supplier and delivery company, Checking that goods delivered match the delivery docket
Why businesses sell on credit To increase sales an profits. To compete with businesses who only sell for cash. To facilitate customers who require tome to pay for goods purchased. E.g builders
Bad Debts Arise when the buyer does not pay the seller what they owe. They are written of as an expense by the seller
Created by: dkellybusiness
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