Accounting Vouchers
Accounting vouchers are documents used to record business transactions in an organized manner for the purposes of documentation, financial tracking and reporting. Accounting vouchers can be utilized to capture payments made to vendors, allocations of expenses to several departments or cost centers, or the receipt of cash from customers.
Accounting vouchers can be created in a variety of ways, including utilizing a computerized accounting system, paper vouchers, or a manual ledger book. Regardless of the system chosen, the accounting voucher must include a header that lists the date, the voucher number, and an indication of its purpose. The body of the voucher should include columns for recording the type of transaction and the amount. Depending on the system used, additional fields may be included for recording details about the transaction such as a description of the transaction, the account associated with the transaction, and codes for tracking the purpose or business unit associated with the transaction.
One of the most important considerations with accounting vouchers is the creation of a unique number for each voucher. This ensures proper tracking and accounting of each transaction. It is also important to make sure the columns in the voucher are accurately labeled and never left blank. An individual must always check for accuracy when filling out a voucher, as any mistakes can be costly.
Accounting vouchers are used on a continual basis in accounting departments and businesses around the world. They are a critical tool for tracking and documenting transactions, as they provide an easy-to-follow and detailed record of each individual transaction. Consequently, they are used in preparing financial statements, budget analysis, and year end reports, among other important documents.
When the transactions captured by accounting vouchers have been approved and recorded, most business maintain the original copy of the voucher in their accounting files, while some may choose to have a single copy of the document. Depending on the types of transactions captured, copies of the voucher, as well as invoices and other supporting documents, may be necessary, too.
Accounting vouchers offer an efficient, accurate and organized way to record business transactions. They serve as the basis for internal fiscal control, allowing businesses to keep track of their financial transactions, audit and oversee expenses, and ultimately produce accurate financial reports. Ultimately, creating and utilizing accounting vouchers will result in a successful and transparent business.
