BANK ACCOUNTS
DEBIT & CREDIT NOTES
ACCOUNTS OFFICE ROLES
100

This account's main function is THRIFT, to encourage saving and provide an emergency fund.

What is a Savings Account?

100

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?

100

This is the process of obtaining money owed to a business by customers who bought goods on credit.

What is Collection of Accounts? 

200

This account's main function is Payments, to handle day-to-day business transactions like paying suppliers and wages.

What's a Current Account?

200

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?

200

This is the process of managing the credit a business gives and making sure customers pay their debts on time.

What is Credit Control?

300

This account's function is INVESTMENT, to earn the highest interest and save for long-term.

 What's a Fixed Deposit Account?

300

One function of a Debit Note is to request this document for goods returned that are damaged or faulty.

 What is a Credit Note?

300

In payroll preparation, this role calculates deductions, including income tax and National Insurance contributions. 


 What is Deducting Taxes and Other Contributions?

400

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?

400

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?

500

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?