voucher is an important ____of a bank .
Answers
Explanation:
voucher is created once we have received the invoice from a supplier. It has to be stamped as "paid" when a cheque or digital payment is made to a supplier and is then archived along with any supporting documents.
A mechanism called a "payment run" is performed in account payable systems to produce payments that correspond to the unpaid vouchers. The voucher can be used in accounts receivable to adjust an account. Also, the voucher can be used to adjust the accounts under general ledger, and it is called as a journal voucher.
Components of Voucher
This is most commonly found in a manual payment scheme, in which it is part of the control mechanism. A voucher usually contains the following information:
Supplier identification number
The amount payable
The date on which payment will be made
The accounts payable to record the liability
Any valid early payment discount terms
The approval signature or stamp
Types of Vouchers
There are different types of vouchers in accounting. They are:
Debit or Payment voucher
Credit or Receipt voucher
Supporting voucher
Non-Cash or Transfer voucher (Journal voucher)
Benefits
The following are a few benefits of maintaining vouchers:
Vouchers are useful to retain better control over the payables process.
Many invoices can be paid at once, thereby reducing the number of cheques.
It can be pre-numbered and simplifies the payables audit trail.
Invoice approval is segregated from invoice payment, both for optimising productivity, making it easier to plan.
Collection of invoices shall be made by the cashier, who shall report to the treasurer.
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