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TOPIC 2.1 (Financial Documents (Credit note (Issued if goods are…
TOPIC 2.1
Financial Documents
Credit note
Issued if goods are returned/missing to give a refund
Sent by
supplier
Statement of account
Regularly sent showing orders and payments made
Sent by
supplier
Invoice
Like a bill, to request payment
Sent by
supplier
Remittance advice slip
Filled in and sent with payment to show which invoice is being paid
Sent by
customer
Goods received note
Shows the condition of goods received
Sent by
supplier
, signed by
customer
and
sent back
Cheque
Sent as a method of payment
Sent by
customer
Delivery note
A document to show what is being delivered
Sent by
supplier
, signed by customer
Receipt
Sent as proof of payment
Sent by
supplier
Purchase order
An order form to place an order
Sent by
customer
Purposes
Goods received note
To keep a record of items delivered/received
To highlight missing items
To show the conditions of items received
Receipt
To act as proof of payment for the customer
Credit note
Issue a refund to customer
If they have been overcharged
If they have returned goods
If they have received items not ordered
Delivery note
To show what goods are being delivered
Allows a customer to check the delivery and sign for it
Statement of account
What a customer has ordered from a single supplier and paid over a period of time
Sent out regularly by suppliers
Mistakes
Invoice
For customer
Being overcharged by supplier
Paying more than they should
Impact on profits
Losing money
For supplier
Not charging a customer enough
Losing profit
Overcharging and having to issue refunds
Looking unprofessional
Losing customers/poor reputation
Purchase order
For customer
Not enough items delivered
Too much of something delivered
Could impact on their ability to run their own business
For supplier