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Types Of Vouchers In Accounting

Voucher means a written statement that serves to confirm or witness for some facts like a Transaction. Primarily, it is a document that shows goods purchased or services rendered, authorizing the payment and indicating in the ledger account in which these transactions have to be recorded.

Benefits of Voucher

  • Vouchers are useful for maintaining a higher level of control over the payables process.
  • Several invoices can be paid at once (reducing the number of checks).
  • It can be pre-numbered, which simplifies the audit trail for payables.
  • Invoice approval is separated from invoice payment, it makes easier to schedule both to maximize efficiency.
  • Payment of the invoices is done by the cashier, who reports to the treasurer.

Types of Vouchers in Accounting

There are four different types of Vouchers in Accounting. They are:

  • Debit or Payment voucher
  • Credit or Receipt voucher
  • Non-cash or Transfer Voucher
  • Supporting Voucher

Debit or Payment Voucher

We prepared debit voucher for all type of cash payment. Following are the main payments whose will record in debit voucher for cash payments.
a) For paying cash expenses
b) For paying the bill of buying of goods.
c) For payment of investment
d) For payment to creditors
e) For depositing money in bank

Credit or Receipt Voucher

Credit voucher is also part of cash voucher in which we write only cash receipt of each transaction
Following are main receipt
a) For receipt of income
b) Cash received from sales
c) Cash sale of investment
d) Cash from sale of fixed assets
e) Cash received from our debtors

  • Cash receipt voucher – It represents receipt of cash in hand
  • Bank receipt voucher – It indicates receipt of a cheque or demand draft i.e., money is not received in the form of cash in hand. Instead, the money is credited to the bank account of the assessee.

Non-cash or Transfer Voucher

Non-cash vouchers are used for non-cash transactions. They are basically used as documentary evidence. e.g., Goods sold on a credit basis. In these cases, the cash / bank account of the assessee is not affected.

Except cash vouchers, accountant will also prepare non-cash vouchers for non cash transactions. Following are main transactions which will be gone to non-cash vouchers.
a) For credit purchase or credit sale of goods
b) For credit purchase or credit sales of fixed assets and investment
c) For return of goods which are purchase or sale on credit
d) For providing depreciation
e) For written off the bad debts

Supporting Voucher

Supporting voucher serves as documentary evidence of the transactions happened in the past. For example, you can attach the bill of an expense along with the original voucher just to further support the primary voucher. Petrol Bills attached to the conveyance vouchers is a good example of Supporting Voucher.

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