Reviewed by Oct 05, 2020| Updated on
Any written documentation supporting the entries reported in the account books, indicating the transaction's accounting accuracy, can be referred to as a voucher. For example, a bill, invoice, receipt, salary and wages sheet, pay-in-slip counterfoil, cheque book counterfoil, or trust deed.
A voucher is a redeemable form of transaction bond that is worth a particular monetary value and can only be used on specific grounds or specific goods. Examples of this include vouchers for lodging, transportation, and food.
A voucher is created once we have received the invoice from a supplier. It has to be stamped as "paid" when a cheque or digital payment is made to a supplier and is then archived along with any supporting documents.
A mechanism called a "payment run" is performed in account payable systems to produce payments that correspond to the unpaid vouchers. The voucher can be used in accounts receivable to adjust an account. Also, the voucher can be used to adjust the accounts under general ledger, and it is called as a journal voucher.
This is most commonly found in a manual payment scheme, in which it is part of the control mechanism. A voucher usually contains the following information:
There are different types of vouchers in accounting. They are:
The following are a few benefits of maintaining vouchers: