what kind of source documents do we collect for accounting information systems?
To collect accounting information for accounting information systems, various types of source documents are used. These source documents are original records that provide evidence of transactions and events. Here are some commonly used source documents:
1. Sales Invoices: These documents are prepared when a sale is made, providing details such as the customer's name, date of sale, description of goods or services, quantity, price, and total amount.
2. Purchase Invoices: They are generated when a company purchases goods or services, containing information about the supplier, date of purchase, description, quantity, price, and total amount.
3. Receipts: Receipts are issued by the company when it receives cash, checks, or other forms of payment from customers, serving as proof of payment.
4. Bank Statements: Monthly statements provided by the bank contain information about transactions, account balances, interest earned/paid, and any service charges.
5. Payroll Records: These documents include employee timesheets, pay rates, deductions, tax withholdings, and net pay details.
6. Expense Reports: Expense reports are used to record and provide evidence for business-related expenses incurred by employees, such as travel expenses, office supplies, or equipment purchases.
7. Credit Memos: They are issued to adjust customer's accounts for returns, allowances, or discounts.
8. Delivery Receipts: These documents acknowledge the receipt of goods by the customer, including details like the date, quantity received, and relevant signatures.
9. Contracts and Agreements: Legal documents outlining terms and conditions for transactions, leases, loans, or services are necessary as source documents.
10. Internal Documents: Documents like journals, ledgers, general entries, and internal memos are created within the organization to record and support financial transactions.
These source documents, once collected, serve as the foundation for recording and processing accounting transactions in an accounting information system.