Basic Business Transactions Guide

Basic business transactions

This text has been written to specifically target any misconceptions or ignorance in relation to a business’s source documents (invoices, bills and adjustment notes).

·         Invoices:

·         Processes relating to accounts receivable (trade debtors).

·         Processes relating to sales without accounts receivable (cash accounting).

·         Bills:

·         Processes relating to accounts payable (trade creditors).

·         Processors relating to bills without accounts payable (cash accounting).

·         Adjustment notes

·         Credit given to a customer

·         Refund given to a customer

·         Credit receive from a supplier

·         Refund received from a supplier

·         Definitions for invoices and bills.

·         Explanations of accounts receivable and accounts payable.