Accounting Documents describes all the basic facts of transactions like the amount of
transaction, to whom the amount was paid, the purpose of transaction and the date of transaction.
This is essential in the process of Book Keeping as it provides evidence that a financial transaction
has actually taken place. There has been a drastic change in the functioning of modern banks. Internet
and mobile banking play a prominent role in today’s business. Payments and receipts of cash through
these methods generates instant and automatic proof for both the parties.
But even now a large number of transactions are made by personally visiting the bank. Payments
and receipts by cheques and drafts have not lost their significance altogether.