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Cash Memo

A cash memo is a document that records cash sales and purchases including details of transactions such as items sold, quantities, prices and discounts. Accountants can reference cash memos during audits to ensure a client's cash book is accurate. A receipt is written proof of payment for a transaction containing information such as payment amount, items, date and payment method. A pay in slip records bank deposit details like date, depositor and amount. Checks are written orders to pay a specified amount to someone, showing recipient, amount and reason. Debit and credit notes are documents sent between businesses, with debit notes showing amounts owed and credit notes showing refund amounts given. Vouchers are documents prepared by accountants to record business transactions and identify relevant

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477 views3 pages

Cash Memo

A cash memo is a document that records cash sales and purchases including details of transactions such as items sold, quantities, prices and discounts. Accountants can reference cash memos during audits to ensure a client's cash book is accurate. A receipt is written proof of payment for a transaction containing information such as payment amount, items, date and payment method. A pay in slip records bank deposit details like date, depositor and amount. Checks are written orders to pay a specified amount to someone, showing recipient, amount and reason. Debit and credit notes are documents sent between businesses, with debit notes showing amounts owed and credit notes showing refund amounts given. Vouchers are documents prepared by accountants to record business transactions and identify relevant

Uploaded by

Himanshu Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Cash memo

A cash memo is a document that records cash sales and purchases.


Cash memos can contain all cash sales or purchases that a client
takes part in and can be updated as the year continues. A business
that purchases something with cash can also create a cash memo
to display all the details relating to the transaction, including what
was sold, the quantity sold, whether a discount was used and what
price the purchaser paid. Accountants can also reference cash
memos during an audit to ensure that a client's cash book is
consistent with the cash memo.

Receipt

A receipt is a piece of written proof that a payment was made on an


account for a transaction. Accountants frequently use receipts
when working with business clients, as receipts are an effective
way to keep track of business transactions, especially when a
business takes part in multiple transactions in one period of time.
There are typically at least two copies of each receipt, one for the
client making the purchase and another for the seller's financial
records.

A receipt can contain information like the price the purchaser pays,
which products are sold, the date of the transaction, the
purchaser's payment method and their name.

Pay in Slip

A pay in slip is a written record of a bank deposit. Accountants can


use pay in slips to record the date when a deposit is made, who
made the deposit and the amount the deposit is for. When using a
pay in slip, someone can fill out the form with the necessary
information and bring it to their bank with the cash deposit. Then,
a bank teller can sign and stamp the pay in slip and return it to the
person making the deposit, who can pass it on to their accountant
to be included in their financial records.

Check

A check is an order for a specific sum of money that a bank can pay
to whoever it's addressed to. Banks typically distribute books of
checks to customers who open accounts with them, who can then
write checks for transactions like purchasing products and paying
for services. A check displays the amount of money the issuer
wants to give to the recipient, the recipient's name, a reason for the
transaction and the issuer's signature.

An accountant can review a client's check books at the end of a


period to ensure that any check transactions match their records
and to determine whether a client has any checks out that still need
to be cashed at a bank.

Related: How To Write a Check (With Tips)

Debit note

A debit note is a document that a business can send to another


party who owes them money to show how much they owe. Debit
notes typically contain the date and amount of a transaction, the
name of the purchaser and the reason for taking money from their
account. Many businesses use debit notes to keep track of
transactions they overpay for or in instances that require them to
return products to a supplier for a refund.

For example, if a business orders a batch of materials from a


supplier and notice that some of the materials are defective, they
can return those materials along with a debit note that lists the cost
of those materials for the supplier to refund to the business.

Credit note

A credit note functions in a similar way to a debit note, but it's used
to show how much money one person gives to someone else in
credit. Credit notes are most frequently used by businesses who
engage in regular transactions and accept returns on their products.
When a customer returns a product, the business can send them a
credit note for the amount they paid as a refund for their purchase.

Accountants can also use credit notes to keep track of the credit a
business gives out to ensure their funds can back up any credit
transactions they enter into.

Voucher

A voucher is a document that accountants prepare to record


business transactions. Accountants can use vouchers to record
accounting entries, show which accounts need to be debited or
credited and identify any important information from source
documents that an accountant has access to. There are cash
vouchers, which accountants create when a client receives
payment in cash, and non cash vouchers that record transactions
that do not involve cash, su

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