ADVICE NOTE Definition

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ADVICE NOTE is a written piece of information e.g. about the shipping status of the goods.

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CORRECTING ENTRY, a type of ADJUSTING ENTRY, is required at the end of an accounting period if a mistake was made in the accounting records during the period. See REVERSING ENTRY.

TRANSACTION FILE is a collection of transaction records. The data in transaction files is used to update the master files, which contain the data about the subjects of the organization (customers, employees, vendors, etc.). Transaction files also serve as audit trails and history for the organization.

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