Classify company voucher easily

Aug 6th, 2022
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How to classify company voucher

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Types of Vouchers Credit or Receipt voucher. Supporting voucher. Non-Cash or Transfer voucher (Journal voucher)
Payment voucher is used to record all bank and cash payments. For example, a company settles a creditors bill by cheque. Go to Gateway of Tally Accounting Vouchers F5: Payment .
The preparation of vouchers includes various supporting documents, which are as follows: The invoice that the supplier receives from the firm. The details of the supplier like name, address and contact number. The details of the payment like the amount, discounts or the due date of payment.
Vouchers are also known as source documents because they help identify a transactions source. Some of its examples include cash memo, cheque, bill receipt, pay-in-slip, debit note, credit note, invoice, etc.
Types of vouchers Explained (1) Receipt voucher- It is also called a credit voucher. (2) Payment voucher- It is also called a debit voucher. (3) Journal voucher- A journal voucher is also called a non-cash voucher or transfer voucher.
A payment voucher is a way to record payments made to suppliers and maintain a history of payments that your business has made. Companies use vouchers to gather and file supporting documents that are required to approve and track payments of liabilities.
The total amount of all the vouchers that have outstanding balances owed are recorded as accounts payable on the balance sheet. Once the voucher has been paid, the proof of payment is included in the voucher and recorded as a paid voucher.
Any written documentation supporting the entries reported in the account books, indicating the transactions 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.
There are four different types of Vouchers in Accounting. They are: Debit or Payment voucher. Credit or Receipt voucher.
Every journal voucher requires information on the following: Identification number. Name of the counterparty. Transaction amount. Date of the transaction. Debit credit accounts with GL (General Ledger. Documentary evidence. Brief description of the nature of the transaction effected.

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