![]() ![]() If you have any other documents related to your purchase, like your receipt or packing slip, these can be used as proof that the transaction was valid. Typical source documents are bills of exchange, purchase invoices, promissory notes, payment vouchers, sales invoices, cash receipts, statements of accounts, and even digital or e-receipts. There must be a number of records that support a valid business transaction before being recorded in the journal. See also: Bookkeeping Job Description 101: Everything You Ought to Know The accountant or bookkeeper must ensure that the person responsible for a transaction has authorized it. The documentation will help keep track of the business finances. All business transactions must have a document to prove they happened.Īccording to Accounting Tools, a professional site providing accounting CPE courses and resources, the following items are good examples of business transactions:Ī bookkeeper or accountant must record each business transaction in a journal entry. It can also be any economic activity that occurs in a business. In accounting, a business transaction is an event that takes place between two companies and affects their financial position. Bonus infographic: Examples of business transactions.Frequently asked questions about business transactions. ![]() Methods to record a business transaction. ![]()
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