Topic 2 - Financial Literacy - Source Documents

What is a source document?

An original document that provides information for transactions.

What are the two types of source documents?

Internal source documents

What is an example of internal source information?

Staff duty rotas, Holiday dates, Profit forecasts

What is an example of external source information?

Marketing information from questionnaires, Tax changes to entitlements

What is a duplicate receipt used for?

To record cash received by the business.

What does EFT stand for?

Electronic Fund Transfer.

What does a cash register roll record?

Cash sales made by the business.

What is the purpose of a bank statement?

To record and verify electronic transfers (EFTs).

What is included in a receipt?

Sequence number, Date of transaction, Name of payer, Amount in words and figures, ,Reason for payment, Signature of receiver

What is a deposit slip used for?

To deposit money into the business's bank account.

What is the cash deposit limit at till points in South Africa?

Up to R3,000.

How long does it take for a debit card deposit to reflect in the account?

Within 30 minutes.

How long does it take for a credit card deposit to reflect in the account?

Within 48 hours.

What do businesses use to issue smaller payments?

A cash register to print till slips.

What is a cash register roll used for?

Business's records; original handed to client.

What is used if a business does not have a cash register?

Receipts book (pre printed).

What should all till slips or cash slips be?

Numbered in sequence.

What information is typically on a till slip?

Document number, Date of transaction, Issuer details, Purchase details, Amount paid

What is required on an EFT payment authorization?

EFT reference number.

What does a bank statement reflect?

Bank's transactions with the business.

What do deposits show on a bank statement?

Credited amounts.

What do withdrawals show on a bank statement?

Debited amounts.

What is a cash invoice?

Issued for larger payments; contains more transaction details.

What does E.& O.E. stand for?

Errors and Omissions Excepted.

When is a receipt issued in a business?

When receiving money for rent or goods/services

Why would you want a receipt after paying cash?

As proof of payment

Where will the receipt be recorded?

In the CRI journal

What is an internal source of information?

Information from within the organization

What is an external source of information?

Information from outside the organization

Give an example of internal source information.

Staff duty rotas

Give an example of external source information.

Marketing information from a questionnaire