Question

Explain the need of preparing source documents.

Answer 1

Common source documents include:

Canceled checks.

Invoices.

Cash register receipts.

Computer-generated receipts.

Credit memo for a customer refund.

Employee time cards.

Deposit slips.

Purchase orders.

Why source documents are important. ... Proper maintenance of source documentation is a key and often overlooked factor to ensure proper and accurate transactions are posted to the accounting system. Each time a company makes a financial transaction, a paper trail is generated. This paper trail is called source documents.

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