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Business Documents
JC Business
| Term | Definition |
|---|---|
| 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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