A voucher is an inside document describing and authorizing the payment of a liability to a trader. It is most frequently used in a manual payment organism.
A voucher typically contains the following information:
- The identification number of the vendor
- The amount to be paid
- The date on which payment should be made
- The accounts to be charged to record the liability
- Any applicable early payment discount terms
- An approval signature or stamp
Voucher information might be assembled into a packet, where the essential voucher document is mounted on the supplier invoice, evidence of sales receipt, and purchase get. This packet is advantageous for keeping related documents in a single place, and makes it easier to both equally justify and taxation payables transactions.
A voucher is done following the receipt of an invoice from a new supplier. It is stamped “paid” if a check or electronic payment is built to a supplier, and is then archived, along with any supporting papers.
Vouchers are useful for maintaining a higher level of control over the payables process.
If vouchers are widely-used for all payables, their totals can be aggregated to look for the total amount associated with accounts payable spectacular. This function is just not needed in any computerized system, the location where the aged payables report can be used instead.
A voucher is just not created when any liability has merely been accrued (which was in the absence of an supplier invoice). Furthermore, vouchers are not employed in the payroll method.