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Key Terms in Cheques and Invoices

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17 views2 pages

Key Terms in Cheques and Invoices

Uploaded by

4gcommercialenterprises
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

 Drawer: The person who draws the cheque, i.e.

i.e. signs and orders the bank to pay the sum.


 Drawee: The bank on which the cheque is drawn or who is directed to pay the specified sum
written on the cheque.
 Payee: The beneficiary, i.e. to whom the amount is to be paid.

‘ a statement of account is a document that reflects all transactions that took place between you and a
particular customer for a given period of time’

An invoice is a

document issued by

the supplier of goods

on credit showing

details, quantities

and prices of goods

supplied.

Trade discount is

a reduction in the

price of goods: the

rate oft en increases

according to quantity

purchased.

Trade discount is

shown as a deduction

on an invoice, but

cash discount is

not deducted on an

invoice.

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