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Account Essay

4440 words - 18 pages

ASSIGNMENT BRIEF

EDEXCEL BTEC L3 Extended a Diploma in Business

Unit 8 ACCOUNTING SYSTEMS

(Task A)

P1

In this assignment I am going to identify and explain the various documents that a business needs to prepare and used in its day to day activities and transactions.

In first place, the price quotation is a document that an organisation submits to one or more potential clients enquiring for the price of a product or service. Typically, the price quotation presents the list of prices customarily used when the requesting organisation's requirements are more complex. Therefore, we identify this document as a formal statement of promise, submitted usually in response to a ...view middle of the document...

Sending a purchase order to a supplier is a legal offer to buy products or services. If the seller agrees to selling to the buyer it forms a contract between them.

In this way, companies use the Purchase Order as it allows the buyers to clearly and explicitly communicate formally their intentions to the sellers of buying a certain product or service. Therefore, the purpose of a purchase order is specify the details of an order by a customer, and provides a document to support the entry and shipment of that order. The purchase order lists each item that the customer wishes to order, the quantity and expected price of each item, where the order is to be shipped, and the date the ordered is needed by. When a customer sends a purchase order the selling company uses that information to enter the order into their system to setup the shipment of the order. Once the order has been placed, and the items shipped, the seller then invoices the customer for the cost of goods shipped. The purchase order usually then gets filed, along with the invoice and shipping documents, as documentary evidence of a sale. In most companies, especially large ones, when they need to buy something they send a numbered purchase order to the supplier, this tells the supplier all the details of what goods they wish to buy and on what terms.

Thereafter, the supplier or organisation supplying the wished goods receives the purchase order, an essential document is sent to the client in order to verify the purchase, the sales order. Sales orders represent the mutual agreement to provide the enumerated products and services that the client has ordered. Generation of a sales order will automatically mean to ship the order and produce an invoice.  Conditions of sale are included on sales orders. A sales order is a document that confirms a sale initiated by a fax, letter, or even a phone call from the buyer. If a purchase order it hasn’t been used previously, the seller takes down the buyer information, such as name, address, product desired, quantity, and method of payment.

After all the mutual agreements documents between the seller and the buyer have taken place, it comes the time to send the goods along with a document, the Delivery note. This is the document that lists the items which have been sent. The buyer uses this to check the goods ordered have arrived. Then it is signed by the buyer and it is then sent back to the seller as a proof of delivery.

Information on the Delivery Note
* The method of delivery
* Purchase order number
* The signature of the person receiving the goods
* The catalogue number and quantity

Once the goods are provided or the services covered, the Invoice is sent by the seller to the buyer in order to demand the full or partial payment and is due to pay usually within 30 days to avoid accrual of interest and/or late payment fees.  Therefore, we identify the invoice as the bill to the customer, after a sale has been ordered. Also, it...

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