commerce fianacal records

receipt

evidence of payment for goods or services

invoice

lists goods or services and the amount and due date for payment

bank statment

Show transactions through a bank account

income statment

Shows revenue expenses and profit or loss for a period

cashflow statment

cash received and cash paid

balance sheets

Shows assets liabilities and owners equity at a date

cash inflow

money recieved by business

cash outflow

money paid by the business

opening balance

the cash held at the start

closing balance

the amount at the end

formula for closing balance

opening balance + cash inflow - cash outflow

Financial record

organised evidence of a businesses money transactions

formula for new balence

Previous balance + cash in - cash out

cash net flows

inlfows - outflows

revenue

income earned from selling goods or services

formula for profit

revenue - expenses