Top 35 Source Documents in Accounting are collated by the author to help accountant in their job. Also, it is a document that serves as the proof or source of the transaction.
Top 35 Source Documents in Accounting stated below:
1.Purchased order
These are sent by the buyer to the vendor. They will then outline exactly what the order should contain and when it should arrive.
2. Sales Invoice
This is made for account receivables. When an item is sold the seller will issue a document providing all the details of the sale.
3. Purchase Invoice
This is made for account payables. The seller will enter this as sales invoice while the buyer will enter it as purchase invoice.
4. Debit Note
This is evidence of reduction in purchases and can be useful to support purchases return journal. In customer books, debit note will reduce how much they owe to the seller.
5. Credit Note
This is evidence of reduced sales and support sales return journal. In supplier’s books, credit note reduces the amount owed by the customer.
6. Cheque
This is a special bank note that represents the cash paid by the customer.
7. Revenue receipt
This is used to record the receipt of cash which is a proof that the payment is made.
8. Cash register receipts
This is a business paper that listed the money coming in from customers.
9. Bank or Credit advice
They are debit or credit bank advice. Bank credit advice is bank documents informing the business of an increase made in the business’s bank account. Bank debit advice is opposite of bank credit advice.
10. Deposit slips
When one receives cheque or cash from customer, the seller will take it to the bank and present.
11. ATM cards
The production of receipt from ATM machine can serve as evidence that money has been taken from the bank account.
12. Bank statements
This is a summary of financial transactions that occurred at a certain institution during a specific time period. For example, a typical bank statement may show your deposits and withdrawals for a certain month.
13. Bill of exchange
This is an unconditional order in writing, addressed by one person to another, signed by the person giving it. It also require the person to whom it is addressed to pay on demand.
14. Payroll report
This can also refer to the list of employees of a business and the amount of compensation due to each of them.
15. Cancelled Cheque
This is a check that has been paid or cleared by the bank
16. Cheque Stubs
This is the check kept by the payee with information such as the check number, date, and amount.
17. Employee Timecard
This is a method for recording and tracking the amount of an employee’s time spent on each job
18. Board minutes or minutes of meetings
The secretary of the board usually takes minutes during meetings.
19. Goods Dispatched Note (GDN)
This a document of the company that lists the goods sent out to a customer. The company will keep one record of goods dispatched notes.
20. Goods Issues Note (GIN)
This is a physical record of the movement of goods or materials from the warehouse or store to production department.
21. Stock take Records
This is also called stock counting. It is when you manually check and record all the inventory that your business currently has on hand
22. Stock Record (i.e., Bin card)
A Bin Card is a card indicating quantitative records of the receipts, issues and balances etc.
23. Goods Received Note (GRN)
This is source document that shows the goods that a business has received from a supplier.
24. Remittance advice
This source document can confirm the amount paid and shows discrepancies that can easily be investigated.
25. Insurance Endorsement Certificates
This is where one party will add the other party as an “additional insured” on their commercial liability insurance policy.
26. Point of Sales Summaries
This can be used to record a number of sales at a cash register.
27. Memorandum
Memo is a written document businesses use to communicate an announcement, policy changes, price increases or notification to take an action, such as attend a meeting, or change a current production procedure.
28. Computer-generated Receipts
This is the kind of receipts is to be generated by the computer.
29. Lease Agreement or Rental Agreement
Lease contracts are formal documents that identify the lessor, lessee, what’s being leased, whether it’s an asset or a property.
30. Sales Tax Returns
This is the taxpayer’s document of declaration. This will enable the taxpayer to furnish the transaction details during a tax period and deposits his Sales Tax liability.
31. Cash Register Tapes
This allowed one to keep a record of all customer transactions and/or provide them with a receipt.
32. Adjustment Notes
This are issued to customers due to damaged, returned or undelivered goods
33. Employee Pay Advice
This source document that can helped to provide written evidence concerning employee income.
34. Payroll Advice Report
This payroll reports helped small businesses understand payroll costs and summarize payroll data.
35. Evidence of Sale or Disposal of Assets
This is the removal of a long-term asset from the company’s accounting records.
Conclusion
Kindly add your own source documents to the Top 35 Source Documents in Accounting listed above. This will help us to update our records accordingly.
Watch several videos of how to prepare financial statements from source documents
E-Collection is electronic collection of government revenue. Therefore, E-Collection through Treasury Single Account received new development since inception.
However, some of the improvement to e-collection are in line with Central Bank of Nigeria (CBN) circular of 10th December 2020.
New Development of E-Collection/TSA implementation in Nigeria
1. New TSA cost of E-Collections for payer and Ministries, Department and Agencies (MDAs). The charges are grouped into two.
(A). Transaction charges borne by the payer. i) If the payment is received through Point of Sales (POS), it will attract N150 plus 0.50 per cent of the amount being paid subject to a maximum of N1, 000 per transaction.
ii). If payment is received through other channeled, it attracts N150 exclusive of Value Added Tax (VAT)
(B). Transaction charges borne by the MDAs.
(i) They provide the platform for collection.
(ii) They will process all data about the payment and the payer.
(iii) They transmit the data and replicate them and lastly
(iv) Fund sweeping. For this, stakeholder below is to receive fromPayment Solution Service providers (PSSPs) or Deposit Money Banks (DMBs) fund sweeping. This depends on who is playing the collection role for the MDAs. NIBBS is to receives 10% while Office of the Accountant General of the Federation (OAGF) to receives 2.5%.
2. New TSA sharing formula for collection cost received among the various stakeholders as follows:
PSSPs——————————-43%
Collecting Banks——————33%
CBN———————————11%
NIBBS——————————-10.5%
OAGF——————————–2.5%
3. The government link the revenue generating agencies to TSA portal through (PSSPS). PSSPs are companies appointed by government to collect TSA payments from ministries departments and agencies (MDAs).
As at today, payer has to initiate payment from the receiving agencies portal. The way to initiate is to get register or enrolled in the receiving agencies portal.
Requirement to Sign Up for E-Collection/TSA Platform
For E-Collection platform to be effective, these requirements are essential:
a. Provide Tax Identification Number (TIN) and certificate
c. Wait for account to be approved by the receiving agencies
Then, payer cab initiate payment from payer personal account in the receiving agencies portal
Payer will automatically transfer to TSA portal from the receiving agencies portal, for instance Remita
4. Time to Initiate Payment
Payer can only initiate Payment into TSA only when step 3 is being completed.
5. Stakeholders
The addition of Etranzact, Interswitch to join SystemSpec (the operator of Remita) to collect government revenue.SystemSpec has acted as a sole PSSPS appointed by government to collect TSA payments from MDAs.
6. Electronic Payment Companies
The main electronic payment companies involved in TSA increased to four companies. They are Etranzact, Interswitch, SystemSpec and Nigeria Interbank settlement System (NIBSS).
Therefore, NIBBS ensures that all the relevant stakeholders comply with the framework and also communicate collection codes for remittance to PSSPs.
Conclusion
Ogbonna and Ojeaburu (2015) in their study recommended among others, that the government should strengthen Government Integrated Financial Management Information System (GIFMIS) module. Also, cover other area of interest in the national budget to achieve economic development. Moreover, more need to be done to ensure E-Collection are active in all MDAs.
Conceptual framework is dealt with in this post. In line with theoretical foundation and previous research related to this study, a conceptual framework that describes the relationship between environmental accounting and sustainability development in Nigeria. The independent variable (predictor variable) used are oil spillage cost, oil drilling waste disposal cost and degradation as dimensions while the dependent variable (criterion variable) used are human development index and human poverty index as measures.
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Figure 1:1 Conceptual framework of environmental accounting and sustainability development in Nigeria
Sources: (List all your source.)
Note
Indicators
Some school will require you list out the indicators as a bullet under the dimensions of independent variables and measure of dependent variables. Ensure all the indicators are discussed in chapter two (i.e. literature review). One essence of indicator is that it will increase the literature of your work. It will also make it easier for someone to see at glance the direction of your work.
Source of Reference
The essence of the source of reference is because someone may have use one of the dimensions of independent variable and measures of dependent variable before now. So, you have to reference those author accordingly.
Operational Framework
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The model in Figure 2:1 above, showed the relationship between environmental accounting and sustainability development in Nigeria. Environmental accounting is the predictor variable with the following dimensions oil spillage cost, oil drilling waste disposal cost and degradation, while sustainability development in Nigeria is the criterion variable with a measure as human development index and human poverty index, whereas the moderating variable is firm size. The directions of the arrows shows the direction of the study relationship. The operational framework thus, illustrates the hypothesised relationship with each arrows representing a study hypothesis. In the operational framework each of the dimensions of environmental accounting are linked to the measures of sustainability development in Nigeria.
Heuristic Model
This Heuristic Model below is showing the result of the test between the dimensions of environmental accounting and measures of sustainability development in Nigeria.
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Figure 5.1: Heuristic model of environmental accounting and sustainability development in Nigeria
Key
Bold line indicates strong positive significant relationship
This heuristic model in figure 5:1 shows the result of this study based on the hypotheses tested. The framework used an arrow to explain the relationship between variables that is significant and insignificant.
Conclusion
The design of conceptual framework, operational framework and heuristic model are dynamic in nature. All the design does not need to follow this pattern.
Always find out from your school the accepted design. This information shared will guide you as a researcher and student of higher institution in producing a better thesis and publications.
Alternative Dispute Resolution (ADR) is being practised in Nigeria at the institutional and individual level with and without the involvement of the court system.
The list of institutions that practised ADR in Nigeria, namely, The Chambers of Commerce, private enterprises, industry groups etc. In the case of individuals are judges, specially trained practitioners (i.e. arbitrators, mediators, accountants), elders, traditional rulers, chiefs, religious leaders.
The practitioners involved in ADR is industry-specific that have technical expertise in specific areas like environmental disputes, labour disputes, family law, etc.
The current Nigerian laws have sufficient provisions that have addressed ADR methods in resolving disputes.
These provisions of the laws are discussed below.
(1) The 1999 Constitution
The Constitution is the supreme law of the land that endorses arbitration. Section 19(d) of the Constitution states that part of Nigeria’s foreign policy objective is respect for international law and treaty obligations. Nigeria also seeks for settlement of international disputes by negotiation, mediation, conciliation, arbitration and adjudication.
(2) Arbitration Laws
Nigeria, like other progressive countries, has subscribed to many international ADR Laws and Rules. The United Nations Commission on International Trade Law (UNCTRAL Model Law of 1985) and UNCITRAL Arbitration Rules domesticated in Nigeria under the Arbitration and Conciliation Act (ACA).
(3) Other Federal Acts
Nigerian body of laws is replete with several statutes that provide for arbitration or other ADR mechanisms. A fewer list is mentioned below of the law and the applicable sections:
Sections 11 and 30 (4) of the Matrimonial Causes Act (Cap. M7 LFN 2004). This section talks about reconciliation between the husband and wife or parties. As they can get the Marriage conciliator to take an oath of secrecy to settle out of court.
section 2, Consumer Protection Council Act, (Cap C25 LFN 2004),
sections 29 and 33, of the Environmental Impact Assessment (EIA) Act (Cap. E12 LFN 2004),
Sections 4, 8, 9, 20, 22 of the Trade Disputes Act (Cap. T8 LFN 2004),
section 11 of the Petroleum Act(Cap. PI0 LFN 2004),
section 26 of the Nigerian Investment Promotion Commission Act, (Cap. N17 LFN 2004);
section 27 of the Public Enterprises (Privatization and Commercialization) Act, (Cap. P38 LFN 2004),
section 22 of the Nigerian LNG (Fiscal Incentives, Guarantee and Assurance) Act (Cap. N87 LFN 2004),
Section 49 of the Nigerian Co-operative Societies Act (Cap. N98 LFN 2004);
section 5 of the National War College Act (Cap N82 LFN 2004);
sections 3 and 6 of the National Boundary Commission, Etc. Act; (Cap. N10 LFN 2004),
section 3 of the Advisory Council on Religious Affairs Act (Cap. A8 LFN 2004);
section 4 of the National Office for Technology Acquisition and Promotion Act( Cap. N62 LFN 2004),
section 4 of the Nigerian Communications Commission Act (Cap. N97 LFN 2004) etc.
(4) Court Laws and Rules
Court laws and rules govern procedures and proceedings for the conduct of business in the court.
