Types of Bills

When we sell or buy goods, we write or get bills. When we get or provide service, a bill is made for this. So, it is one of the important proof of happening transaction between you and other party. Its record is must. You can use simple folders for keeping all type of bills. If you are doing big business, you can classify bills in following ways. These are the main types of bills.

1. Small Expenses Bills

This is that type of bills which tell about the small expenses bills. For example, Internet bills, telephone bills and other water supply bill. When you will pay for service, you will get these bills. If you have small business, you can use one folder or file for keeping all these business. But, if you have big business, you can classify your all small expenses and keep bills according to this. You can use one file for Internet bills and for electricity bills, you can use second file. When your accountant will record transaction, it will be very easy to find the bills for recording transactions of a specific small expenditures.

2. Fixed Assets Bills 

When you buy any fixed asset, you will get its bill. If you have bought few fixed assets, you can use one file for keeping all fixed assets bills. But, you have bought lots of fixed assets according to expansion of your business, you can classify all your fixed assets and then you can use each fixed asset bills file. For example, you can use one file for keeping vehicle bills. Second file for keeping computer bills. Third file, you can use for keeping the bills  buying of lands or buildings.

3.  Income Bills 

When you sell your products or get fees of your provided services or get profit from any other type of business. There is big need to record all these income bills in specific file. If you have lots of income resources, you can use different files for keeping different type of incomes.

4. Donation Bills 

Donation is one of important part of any body's life. We donate money for providing free education for poor and needy. We donate money for protecting animals. We donate money for food for hungry peoples. We donate money for helping handicapped people. Like this there are thousands not-for -profit organisations, where we have to donate for our internal satisfaction. All these organisations give us the bill which is the proof that we donate our money. Now, it is the responsibility of that organisation to use this donation with honesty. We keep these donation bills for income tax purpose, for knowing the outflow of our cash, for accounting purpose or for any other reason.

5. Rough Bills

There are lots of very small expenditures which we pay without getting a bill. For example, we drink one glass of milk who will give us bill for drinking one glass. So, we can make a rough bill by writing I drink one glass of milk on the dated________ and its cost is Rs. ____________. Like this, we can make lots of rough bills when we do not pay VAT. But keeping of these bills will be helpful for knowing real net worth of your organisation.

6. Advance Bills 

Sometime, there will be the need to make advance bills. For example, your friend requested Rs. 10000 from you for one month. But at the end of one month, he did not pay money. At that time, you take something from  from his business. Because you did not pay the money. So, by both parties acceptance, you can make advance bill in which you can mention that product's price has been paid old advance money. 






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Accounting Education: Types of Bills
Types of Bills
Accounting Education
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