FA1 Section - Introduction to business and recording transactions - Documenting
3 important questions on FA1 Section - Introduction to business and recording transactions - Documenting
Why are computerised systems used in bookkeeping? [4]
- Linkage other management systems (inventory)
- Back-ups
- After deleting or correcting logs kan be kept
- Can be split into different areas.
- What is document retention?
- What are [4] reasons you have to do it?
Keeping paper or digital information and documents for your business
- comply with legislation
- check back from several years ago
- referring back to information from the past
- master files | Information required permanently
What do master files contain? [4]
- Customer name, address and contact details
- Supplier name, address and contact details
- Employee file
- Files which record the bank accounts held by the business
- Details of the terms of business with the banks
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