Business, Legal & Accounting Glossary
A Voucher is a receipt for money, or any document that supports an entry in a book of accounts.
A voucher is an internal document that describes and authorises payment to a supplier of a liability. It is most frequently utilised in manual payment systems as part of the control system. Typically, a voucher comprises the following information:
Voucher information can be gathered into a packet along with the supplier invoice, proof of receipt, and purchase order. This packet is beneficial for storing related documents in one location, which simplifies the process of justifying and auditing payables transactions.
Following receipt of an invoice from a supplier, a voucher is created. When a check or electronic payment is made to a supplier, it is stamped “paid” and then preserved together with any supporting paperwork.
When all payables are recorded on vouchers, their totals can be added to get the total amount of accounts payment outstanding. This function is superfluous in a computerised system, which makes use of the ageing payables report.
When an obligation is solely accumulated, no voucher is created (which is in the absence of a supplier invoice). Additionally, vouchers are not incorporated into the payroll process.
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This glossary post was last updated: 13th April, 2022 | 0 Views.