8. Finance system: ordering & payment

Most companies need to buy goods and services from other organisations in order to function. (This is how the economy works).

Therefore orders must be raised and bills paid. Records include

  • Total cost of goods and services to date
  • Vendor details and payment terms
  • Bills that have been paid
  • Bills due but still within the payment terms
  • Bills that are overdue

 

challenge see if you can find out one extra fact on this topic that we haven't already told you

Click on this link: Company accounting and financial systems