📄️ Receipt
A Receipt is a digital record of money received by a business, typically linked to a customer payment or other income. It updates the relevant accounts (e.g., cash or bank) and helps track and reconcile financial transactions.
📄️ Payment
The Payment refers to the transfer of money or an equivalent value from one party to another to settle a liability, expense, or obligation. It is recorded as a transaction in the financial records and can be made in various forms.
📄️ Contra
A Contra voucher in accounting is a document used to record a transaction where both the debit and credit entries are made within the same company, typically within different accounts. It is often used when money is transferred between two accounts, such as moving funds from one bank account to another or from cash to a bank account.
📄️ Purchase
A Purchase is an accounting document used to record a purchase transaction. It serves as proof of payment or liability for goods and services acquired by a business.
📄️ Sales
Sales refer to the revenue generated from selling goods or services during a specific period. It is recorded in the income statement as "Sales Revenue" or "Turnover" before deducting expenses. Sales transactions impact accounts receivable, cash flow, and financial reporting.
📄️ Journal
A Journal Voucher (JV) is a document used in accounting to record non-cash financial transactions, such as adjustments, corrections, or internal transfers. It includes details like date, accounts affected, amount, and approval signatures. JVs help maintain accurate financial records and ensure proper bookkeeping.
📄️ Credit Note
A Credit Note Voucher is a document issued by a seller to a buyer, indicating a reduction in the amount owed for goods or services previously provided. It serves as a formal acknowledgment of a credit given to the buyer's account, typically due to returns, overbilling, or other adjustment.
📄️ Debit Note
A Debit Note Voucher is a document issued by a buyer to a seller, indicating that the buyer intends to reduce the amount owed to the seller, often due to issues like receiving damaged goods, incorrect quantities, or errors in billing. It's essentially the buyer's way of requesting an increase in their payable balance or a reduction in the seller’s receivable balance.