Source documents are the physical basis upon which business transactions are recorded. Source documents are typically retained for use as evidence when auditors later review a company's financial statements, and need to verify that transactions have, in fact, occurred. They usually contain the following information:
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A description of a business transaction
The date of the transaction
A specific amount of money
An authorizing signature
Many source documents are also stamped to indicate an approval, or on which to write down the current date or the accounts to be used to record the underlying transaction.
A source document does not have to be a paper document. It can also be electronic, such as an electronic record of the hours worked by an employee, as entered into a company's timekeeping system through a smartphone.
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Examples of source documents, and their related business transactions that appear in the financial records, are:
Bank statement. Chaos control 1 3 – gtd & tasks answers. This contains a number of adjustments to a company's book balance of cash on hand that the company should reference to bring its records into alignment with those of the bank.
Cash register tape. This can be used as evidence of cash sales, which supports the recordation of a sale transaction.
Credit card receipt. This can be used as evidence for a disbursement of funds from petty cash.
Lockbox check images. These images support the recordation of cash receipts from customers.
Packing slip. This describes the items shipped to a customer, and so supports the recordation of a sale transaction.
Sales order. This document, when coupled with a bill of lading and/or packing list, can be used to invoice a customer, which in turn generates a sale transaction.
Supplier invoice. This is a source document that supports the issuance of a cash, check, or electronic payment to a supplier. A supplier invoice also supports the recordation of an expense, inventory item, or fixed asset.
Time card. This supports the issuance of a paycheck or electronic payment to an employee. If employee hours are being billed to customers, then it also supports the creation of customer invoices.
For example, a company is in the consulting business. it accumulates hours-worked information from employee timesheets, which is then included in customer invoices that in turn result in the creation of a sale and accounts receivable transaction. Thus, in this situation, the timesheet is the source document for a sale transaction.
There are a number of possible controls that can be used to reduce the risk that source documents are not properly recorded in an accounting system. One of the more common controls is to pre-number documents, so that missing documents are easier to track down. Another control is to reconcile the balances in accounts to the supporting source documents to see if either some documents have not been recorded, or if some transactions recorded in the accounts do not appear to have any supporting source documents.
Various regulations mandate that some source documents be retained for a number of years. It may also be prudent to retain these documents irrespective of regulations, if only to provide evidence in the event of a lawsuit, or to provide better customer service. For these reasons, a company should adopt a document destruction policy that strictly controls the shredding or other form of elimination of source documents until a certain number of years have passed.
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Accountants' Guidebook
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There's a reason Excel is so ubiquitous in the workplace. Its versatility allows you to do a plethora of different things like track KPIs, create sales receipts, and record time cards.
Get your free Excel templates
These handy Excel templates will save you precious time when creating business documents.
To make your life a little easier, we compiled some of our favorite Excel templates for business.
1. Timeline template
Time is a resource that can't be gained back, which is why it's essential to track it. This timeline template by Vertex42 gives you an overview of the milestones and events that team members should be aware of.
2. Gantt chart template
Need something more sophisticated than a project timeline? Look no further than this Gantt chart template by Vertex42. You can organize tasks, change dates and track the status of tasks using easy-to-master excel functions and formulas.
3. To-do list template
A big part of the solution creating process is simply knowing what needs to get done. This to-do list template by Vertex42 is perfect for keeping you and your team in the loop.
With this template, you can add project tasks, the priority level, a due date, who's in charge, and status updates.
4. Issue-tracking template
Learning from mistakes is key for growth, both professionally and personally. Enter, the issue-tracking template.
This template allows you to keep a log of what went wrong, the priority of the issue, the team assigned to tackle it, as well as a comment section to note any findings. Having a birdseye view of what went wrong will help you track recurring issues, and nip them in the bud before they affect the rest of the current project.
5. Weekly time-card template
An economical alternative to time-card software is this free template. The weekly time-card by Vertex42 calculates hours per week per project, which is particularly handy for smaller businesses that need to track budgets.
6. KPI tracker template
This handy KPI tracker will help you measure the things that matter for business success. The template allows you to consolidate metrics between teams and switch between a table and graphical layout.
7. Party planning template
In charge of planning a work event? Use this party planning template to ensure the expenses stay firmly nestled within the budget.
8. Payment invoice template
Save time by using this free invoice template when receiving payments from customers.
9. Portfolio management template
Use this portfolio management template to track how much you earn from your investments. Created by a Singaporean investor and adapted to fit the US stock market, this template also has a summary section for a broad view of your portfolio.
10. Service invoice template
This invoice template is ideal service-based businesses. It has empty fields to populate with information pertaining to the services you provide.
11. Shipping invoice template
Save money on invoicing software with this template. Cutout professional 2018. With this Excel sheet, you can include shipping information, alternate addresses, product codes, and notes.
12. Account statement template
For businesses that bill customers recurringly, this account statement template is super handy for creating a summary of sales made. This is particularly useful for smaller businesses as bookkeeping software can be expensive.
13. Packing slip template
If you're shipping goods to customers, use this packing slip template to show your customers a breakdown of their order.
14. Price quote template
Simplify your quoting process with this price quote template. The template has sections for the quote description, special notes, customer information, and more!
15. Purchase order template
Once your customer decides to accept your price quote, you can then create a purchase order thanks to this template.
16. Sales receipt template
Use this template to send your customer a sales receipt.
17. Rent receipt template
This rent receipt template is handy If you rent out your office space or home. The simple template allows you to keep a record of payments made on your property.
18. Home office expense tracker template
Solopreneurs working from home will want to use this home office expense tracker to check that they're making the most out of their eligible tax deductions.
19. Time card template
This time card template is useful for businesses that hire contractors. The sheet allows team members to note the amount of time spent on a project. It also automatically calculates the regular hours and overtime hours along with total hours spent each week.
20. Weekly time card template
Once you have your employees' daily log all set, you can then transfer that information to this weekly time card template to get a better view of their hours for the month.
21. Weekly timesheet
This weekly timesheet includes breaks in it so you can get a more accurate picture of how many hours your employees are working each week.
22. Payroll calculator template
This payroll calculator template helps you account for deductions when determining gross pay.
23. Startup business plan template
Ever heard the phrase 'if you fail to plan, you are planning to fail'? This startup business plan template helps you get one step closer to success. The sheet includes instructional sections for an executive summary, marketing plan, startup expenses and more!
24. Existing business plan template
Are you an established business without a formalized financial plan? This template might be the one for you.
25. 12-month marketing plan template
Plan for the year ahead with this 12-month marketing plan template. The highly detailed template helps you identify: your market, your target customer, your business goals, strategies and tactics, and budget.
26. Editorial content calendar template
Content and social media have only grown in importance over the past few years. This editorial content calendar template is a handy way to track when and where you post over a few months.
27. On-page SEO template
This on-page SEO template is great for organizing on-page SEO strategy, documenting any changes, and more.
28. SWOT analysis template
Use this SWOT analysis to ensure you and your team are systematically identifying and adapting to opportunities and potential threats
29. Event planning template
In the event planning business or simply want to celebrate a milestone with your team? Check out this event planning template so yours runs without a hiccup.
Plan for the year ahead with this 12-month marketing plan template. The highly detailed template helps you identify: your market, your target customer, your business goals, strategies and tactics, and budget.
26. Editorial content calendar template
Content and social media have only grown in importance over the past few years. This editorial content calendar template is a handy way to track when and where you post over a few months.
27. On-page SEO template
This on-page SEO template is great for organizing on-page SEO strategy, documenting any changes, and more.
28. SWOT analysis template
Use this SWOT analysis to ensure you and your team are systematically identifying and adapting to opportunities and potential threats
29. Event planning template
In the event planning business or simply want to celebrate a milestone with your team? Check out this event planning template so yours runs without a hiccup.
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30. Job application template
Looking to expand your team in a smart, efficient way? This job application template might be the tool you need. You can use it as is, or edit the entry fields so you can screen for the skills and qualities necessary for the role.
31. World meeting planner
If you work as part of a global remote team, you are probably aware of the inconvenience that comes with coordinating a mutually optimal time for meetings. This world meeting planner and time zone converter will save you multiple e-visits to timeanddate.com when coordinating with your coworkers.
32. Business financial plan template
Download this business financial plan template to track and forecast your spending and income for the future.
33. Business budget expense template
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Want a more comprehensive financial tracker? Look no further than this business budget expense template. You can evaluate your actual expenses against your actual budget both numerically and graphically.
34. To do list template
This to do list Excel template visually displays your tasks on a daily, weekly, and monthly basis.
Become an Excel pro
Typora 0 9 9 31 30. Want to learn how to use Excel like a pro (and maybe create a couple templates of your own)? Check out our Excel Basic and Advanced course. There are over 49 engaging video lessons with accompanying cheat sheets, exercises, and quizzes to bolster your learning.
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For more Excel templates, check out this handy article.
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