Hlo sir/mam. Write the difference between source document and voucher
Answers
Explanation:
Source document is referred to as the original document that contains the details of a business transaction. It contains the most important details of the transaction like the amount paid, the parties involved.
Vouchers are source documents that serve as evidence of the business transaction and are retained for being used in cases where auditors need to verify the transaction.
Although these two are very similar in their function, let us look at some of the points of difference between the source document and voucher.
Source Document
Voucher
Definition
Source document is a document that contains the details of a business transaction.
Vouchers are a type of source documents that acts as the evidence of the business transaction that has taken place between two parties
Purpose
Source documents are used for preparing accounting vouchers
It is used by audit team for verifying the business transaction
Examples
Examples of source documents are invoices, receipts, cash memo, etc
Examples of vouchers are letter of credit, debit note, credit note, etc.