F INANCIAL R ECORDS Unit 6. W HAT WE WILL LEARN IN THIS TOPIC ? Recognize the different types of financial documents used in a business Understand the.

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Presentation transcript:

F INANCIAL R ECORDS Unit 6

W HAT WE WILL LEARN IN THIS TOPIC ? Recognize the different types of financial documents used in a business Understand the purpose of each document Learn how to correctly complete the different documents using examples

W HAT ARE F INANCIAL R ECORDS Financial records are types of documents used by individuals or businesses to record information and keep track of expenditures, transactions or business information.

W HAT IS THE PURPOSE OF FINANCIAL DOCUMENTS To analyze business performance Manage financial transactions and keep records for the future For legal purposes – compulsory requirements under certain laws eg Taxation laws To assist in lodging tax returns To conduct business transactions eg: buying and selling goods

T YPES OF B USINESS D OCUMENTS Types 1. Requisition forms 2. Purchase orders 3. Tax invoice 4. Delivery note 5. Adjustment note 6. Cheques7. Receipt

T HE PROCESS OF COMPLETING FINANCIAL DOCUMENTS IN A BUSINESS Businesses use financial documents on a daily basis when conducting their business activities of buying and selling. The process for completing a purchase from suppliers/ sellers is outlined in your textbook in figure 6.1 page 147. Copy the diagram in your books.

T HE PROCESS IS AS FOLLOWS Complete requisition order Fill Purchase Order Fill Tax invoice Fill Delivery note Fill adjustment note Complete Cheques Send receipt

1. R EQUISITION O RDER F ORM What is it used for? What type of information it contains How to interpret the information on it? How to complete it? Refer to your textbook to answer those questions Complete Activity 6.1