Source Documents
Following are the various types of source documents that need to be maintained in the course of business.
- Cash Memo: This document is generated at the time of cash transaction which provides details about all the cash transactions
- Invoice or Bill: When goods are sold on a credit basis these documents needs to be prepared.
- Receipt: This document is issued by the firm at the time of receipt of cash from the customer
- Pay-in-slip: Pay-in-slip is a form received from a bank for depositing money in the bank account. The counterfoil is returned to the depositor (in cash or cheque) is recorded in this document.
- Cheque: A cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the drawer/depositor’s name with that institution.
- Debit and credit note: A debit note is a document that provides a debtor with information regarding an outstanding debt. A debit note is issued by the lender or creditor and serves as either notification of a debt that will be invoiced shortly or a reminder of a debt owed, it is not considered to be a debit note. The typical debit note is in the form of a letter or some type of document format that is implemented by the company to serve as a reminder.
