The Role of Source Documents for your Trust Accounting

by Anneline Lamond


Supporting Documentation

The Importance of Source Documents

Source documents are the original records of a transaction which generates a paper trail. These documents are essential to the bookkeeping process as it provides evidence that a financial transaction has occurred. During a tax audit by “SARS”, source documents are used to back up the accounting transaction trail. A source document includes some basic facts about the transaction, such as the amount, the purpose of the transaction and the transaction date.

Common source documents for your trusts include (but are not limited to):

  • Bank statements
  • Bond statements
  • Levy statements
  • Utility Bills
  • Rental Statements
  • List of improvements, repairs and maintenance
  • Sale agreement or notification of shares
  • New Properties: Transfer documentation and statements from the Transferring Attorney/s
  • Asset register

 

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