|
Term
|
Definition
|
| ABN
|
Australian
Business Number; an
identifying number issued to a business by the Australian
Taxation Office.
|
| Accuracy
|
Correct preparation of all documents.
|
| Adjustment Note
|
A financial document which specifies the
value of goods being returned, or an allowance or
discount given.
|
| Audit
|
An independent check of the accuracy of
financial records and accounting procedures.
|
| Authenticity
|
Accuracy and relevance.
|
| Balance
|
- Making the necessary entries in an account so
that both sides will be equal; eg balance the petty
cash fund
- The amount owing on an account; eg the balance of
my cheque account is $2400 or the balance
due on my statement is $55.
|
| Banking |
Financial transactions carried out with a
bank eg deposit, withdrawal. |
| Cheque |
A written order (usually on a pre-printed
form) directing a bank to pay a specified amount of money
to a particular person. |
| Credit card statement |
A record of all transactions of a credit
card in a particular time period. |
| Credit note |
An Adjustment Note which can be redeemed
for goods to the value stated. |
| Creditor |
A person or organisation owed money for the
provision of goods or services on credit. Creditors owed
money are also known as Accounts Payable. |
| Debtor |
A person or organisation which purchases
goods or services on credit; money is owed to another
business which may refer to debtors as Accounts
Receivable. |
| Delivery docket |
Accompanies the goods and lists what is in
the delivery; used to check the goods received. |
| Deposit |
Money placed in a bank. |
| Deposit book |
Pre-printed slips in book form, provided by
the bank and used to itemise the bank deposit. |
| GST |
Goods and
Services Tax - a 10%
tax on the supply of most goods and services consumed in
Australia.
|
| Imprest amount
|
The amount decided by an organisation, to
be set aside for petty cash expenditure.
|
| Invoice
|
An account sent indicating the goods or
services provided, price, GST, freight and other charges
and total amount payable. Must show ABN and include the
words ‘Tax Invoice’.
|
| Order form
|
A written request for specified goods or
services to be purchased or provided.
|
| Petty cash
|
A small fund of money kept for incidental
everyday purchases.
|
| Purchase order
|
A written request for specified goods or
services to be purchased; usually a numbered, accountable
form.
|
| Receipt
|
Evidence that payment has been made; a
receipt shows who has received the money, the date, what
has been paid for, the total amount paid, any discount
given and the amount of GST included.
|
| Reconciliation
|
Bringing into agreement or checking the
accuracy of calculations eg checking the bank statement
against the cheque book record or cash book to verify
that the balance is correct and to bring it up-to-date
|
| Refund
|
Money given back or repaid.
|
| Reimbursement cheque
|
The cheque prepared and cashed to bring the
petty cash fund back to its imprest amount.
|
| Remittance advice
|
A document attached to a cheque specifying
what payment is being made. The remittance advice often
forms the bottom part of the invoice; it can be detached
and returned with payment.
|
| Requisition
|
An official request or demand.
|
| Signature
|
A person’s name, written by hand,
usually on a document.
|
| Sundries
|
Miscellaneous petty cash expenses which
cannot be entered into any of the other categories of
expenditure.
|
| Voucher
|
A document, receipt etc which itemises an
expenditure.
|
| Withdrawal
|
Money taken out of a bank.
|
|