Financial Transaction Requisites

A formal statement of promise (submitted usually in response to a request for quoatation) by potential supplier to supply the goods or services required by a buyer, at a specified prices, and within a specified period. It’s a document that explains about a project and its requirements to the intending bidders. Sent by the supplier to the buyer INVITATION TO TENDER A request to tender is a document that invites offers from suppliers to provide a specified good or service Used when approaching the market by seeking submissions from a limited number of suppliers Sent by the buyer to the supplier

Its an invitation sent to a shortlist of bidders to make a formal and detailed offer to supply the services or goods required INVOICE Commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantity and agreed prices for products or services the seller has provided the buyer Used when a customer would like to know the details of their purchase and what they are paying for Sent by the buyer to the supplier

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Used for the demand of payment For example you order a phone online, you get a paper with it that shows what you order, the order number, how many you ordered, how much it cost. That is the invoice from the company GOODS RECEIVED NOTE/GOODS RECEIVED VOUCHER Used for recording goods received from the supplier. This record is used to confirm all goods have been received Is a document showing description of goods and the quantity received A document used to record the inward entry

Of any goods received at the premises of the organization A record of goods issued at the point of receipt Manually written receipt for services or goods sold The purpose of the document is to explain how to process goods received on purchase orders It is filled by the buyer and is used to spot delivery errors that may have been missed PAYMENT VOUCHER Used as proof that a monetary transaction has occurred between two parties It is the only procedural method by which departments may request demand payments.

Payment vouchers are submitted and processed through the oracle integrated system application Used for a variety of purposes, taking the place of cash in a transaction acting as a receipt or indicating that an invoice has been approved for payment ORDER A stated intention , either spoken or written to engage in a commercial transaction for specific products A confirmed request by one party to another to buy, sell, deliver, or receive goods or services under specified terms and conditions when accepted by the receiving party .

From a sellers point of view it expresses the intention to buy and is called a purchase order and is referred to as a sales order when the purchase order of the buyer and the sales order of the seller agree The order becomes a contract between the seller and the buyer It is used to move the purchase process forward from discussion to commitment by laying out products, prices and timelines and other critical terms and conditions MATERIAL REQUISITION

A material requisition form lists the items to be picked from inventory and used in the production process or in the provision of a service to a customer, usually for a specific job Used by user department for requisition of material for any project or order It can be used when a proposed purchase exceeds a certain monetary value It is often submitted so a department may get approval to purchase needed materials from an entity operating outside of the business It is often used to keep track of supplies, orders and accounting records.

It helps prevent material from being taken from the storehouse, that is not necessary for production this in turn controls waste. It’s a good way to know what materials is left on hand so that supplies can be reordered in a timely fashion Its also a good idea to keep track of reject material that is replenished from the warehouse CASH SALE Sales made for ready money in distinction from those on which credit is delivered on the day of the transaction. A transaction in which the securities are delivered on the trade date instead of after the usual three business days required to settle the contract.

A sale in which payment is paid immediately in cash rather than put on credit. The purchase of goods or services and involves the immediate possession of the new owner, without any amount of time between purchase and assuming full ownership. Sales in which the buyers payment obligation to the seller is settled on delivery, for example by payment in cash. It’s a quick way to sell merchandise items For example, when buying bread, you exchange the goods with money right then and there RELEASE NOTE

Communication documents shared with customers and clients of an organization detailing the changes or enhancement made to the features of service or product the company provides. Thus the document is usually circulated only after the product or service is thoroughly tested and approved against the specification provided by the development team Formal document issued by a consignee bank (after buyers acceptance of the associated bill of exchange) enabling the buyer to take delivery of a shipment.

It is used in documentary credit arrangements where goods are consigned to a bank as the sellers means of retaining constructive control over a shipment sent against an order. RECEIPT A written acknowledgement that a specified article or sum of money has been received. Records the purchase of goods or service, its not the same as an invoice. Used when you buy a good or service, and lists the type of goods or services you pay for and the total amount you paid. From the seller to the buyer PURCHASE REQUISITION

A document generated by an internal or external organization to notify the purchasing department of items it needs to order, their quantity and the time frame that will be given in the future. It may also contain the authorization to proceed with the purchase. A request sent to the purchasing department to procure goods or services A document generated by a user department or storeroom-personnel to notify the purchasing department of items it needs to order, their quantity, and the time frame.

May contain the authorization to proceed with the purchase. Is a written request issued internally to a department to order items or services It contains a description and quantity of goods or services to be purchased, preferred make, required delivery date, account number and the amount of money that the purchasing department is authorized to spend for the goods or service ENQUIRY Preliminary response from a prospective customers, generally following an advertisement or sales promotion campaign

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