BANK ACCOUNTS
This account's main function is THRIFT, to encourage saving and provide an emergency fund.
What is a Savings Account?
This document is sent by a buyer to a seller to show the amount owed needs to be increased, or to notify of goods returned.
What is a Debit Note?
This is the process of obtaining money owed to a business by customers who bought goods on credit.
What is Collection of Accounts?
This account's main function is Payments, to handle day-to-day business transactions like paying suppliers and wages.
What's a Current Account?
This document is issued by a seller to a buyer to reduce the amount the buyer owes, usually because of damaged goods or an overcharge.
What is a Credit Note?
This is the process of managing the credit a business gives and making sure customers pay their debts on time.
What is Credit Control?
This account's function is INVESTMENT, to earn the highest interest and save for long-term.
What's a Fixed Deposit Account?
One function of a Debit Note is to request this document for goods returned that are damaged or faulty.
What is a Credit Note?
In payroll preparation, this role calculates deductions, including income tax and National Insurance contributions.
What is Deducting Taxes and Other Contributions?
To manage this account, you would lock away surplus cash and choose a time period of 3,6 or 12 months.
What's a Fixed Deposit Account?
An accounts clerk performs this task to help compare bank statements with the company's financial records to find errors or fraud.
What is Bank Reconciliation?
To manage this account you would keep the cash book up to date and use an overdraft to solve a short-term cash shortage.
What is a Current Account?