Top 35 source documents?
Top 35 Source documents: these are the first source of information from which the accounting books are prepared. A source document is the document in which data for a transaction is collected. This is the supporting document that is used when recording journal entries for transactions. It is a document that serves as the proof or source of the transaction.
Examples of Top 35 source documents are mentioned below:
- Purchased order: purchase orders are sent by the buyer to the vendor first, and they outline exactly what the order should contain and when it should arrive.
- 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.
- Purchase Invoice: this is made for account payables. What the seller enters as sales invoice, the buyer will enter it into their system as a purchase invoice.
- Debit note: this is evidence of reduce in purchases. In customer books, debit note reduces how much they owe to the seller. This support purchases return journal
- Credit note: this is evidence of reduce in sales. In supplier’s books, credit note reduces the amount owed by the customer. This support sales return journal
- Cheque: A check (cheque) is a special bank note that represents the cash that is being paid by the customer.
- Revenue receipt: this is used to record the receipt of cash. A receipt is proof that the payment has been made, which is a good idea when paying cash.
- Cash register receipts: this is a business paper that lists the money coming in from customers.
- Bank 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.
- Deposit slips: When one receive cheque or cash from customer, the seller will write a bank deposit slip together with the cheque or cash which will be taken to the bank and presented.
- ATM cards: Received from the ATM machine as evidence that money was taken from the business bank account, eg hairdresser receives ATM receipt when taking cash from the ATM.
- Bank statements: A bank statement 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.
- Bill of exchange: A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
- Payroll report: Payroll can also refer to the list of employees of a business and the amount of compensation due to each of them.
- Cancelled Cheque: A canceled check is a check that has been paid or cleared by the bank it was drawn on after it has been deposited or cashed. The check is “canceled” after it’s been used or paid so that the check cannot be used again. A cancelled cheque is a cheque bearing the account holder’s name, account number and has CANCELLED inscribed across it.
- Cheque Stubs: A check stub is the part of a check that is kept by the payee with information such as the check number, date, and amount. If you accurately record on your check stubs what you have paid out, you should build up a very accurate account of your finances.
- Employee Time Card: A time card, also called a timesheet, is a method for recording and tracking the amount of an employee’s time spent on each job.
- Board minutes or minutes of meetings: The secretary of the board usually takes minutes during meetings. Written minutes are distributed to board members before each meeting for member’s review. Minutes for the previous meeting should be reviewed right away in the next meeting. You can use either “minutes of the meeting” or “meeting minutes”, but not “minutes meeting”. If you’re talking about the record of a meeting, the expression is minutes of the meeting.
- 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 in case of any queries by customers about the goods sent and one copy is sent to accounts department to process invoice to the customer.
- Goods Issues Note (GIN): A GIN is defined as a physical record of the movement of goods or materials from the warehouse or store to production department for example. It results in a decrease in stock from the warehouse.
- Stocktake Records: This is also calledstock counting. It is when you manually check and record all the inventory that your business currently has on hand
- Stock Record (ie Bin card): A Bin Card is a card indicating quantitative records of the receipts, issues and balances etc.
- Goods Received Note (GRN): This is the type of document that shows the goods that a business has received from a supplier. GRN is a record of goods received from suppliers, and it serves as a proof that ordered products had been received. Moreover, this kind of record is used by the buyer for comparing the number of goods ordered to the ones delivered.
- Remittance advice: Remittance Advice is accounting documents sent to a supplier with a payment, detailing which invoices are being paid and which credit notes offset. It also confirms the amount being paid, so that any discrepancies can be easily identified and investigated.
- Insurance Endorsement Certificates: This is where one party will add the other party as an “additional insured” on their commercial liability insurance policy.
- Point of Sales Summaries: This is used to record a number of sales at a cash register.
- 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.
- Computer-generated Receipts: This is receipts generated by computer.
- Lease Agreement: Lease contracts, also known as rental agreements, are formal documents that identify the lessor, lessee, and what’s being leased, whether it’s an asset or a property.
- Sales Tax Returns: This is the taxpayer’s document of declaration through which taxpayer not only furnishes the details of transactions during a tax period but also deposits his Sales Tax liability.
- Cash Register Tapes: This allows you to keep a record of all customer transactions and/or provide them with a receipt.
- Adjustment Notes: This is also known as credit notes or refunds which are issued to customers for damaged, returned or undelivered goods.
- Employee Pay Advice: This is any document that provides written evidence of employee income
- Payroll Advice Report: This Payroll reports help small businesses understand payroll costs and summarize payroll data.
- Evidence of Sale or Disposal of Assets: Asset disposal is the removal of a long-term asset from the company’s accounting records.
Top 35 Source documents listed above is for our learning
Ojeaburu, Friday (ACA, BSc, MSc, PhD) is a seasoned Chartered Accountant with over 14 years accounting experience. He has experience in corporate accounting, financial accounting, financial management, financial audit, public sector accounting, environmental accounting, entrepreneurial accounting, Cv writing, business plan writing, online coaching, research writing etc.