Voucher Approach in Accounting 

Voucher Approach in Accounting  JKSSB Panchayat Account Assistant
 Voucher Approach in Accounting  JKSSB Panchayat Account AssistantAdd caption


JKSSB PANCHAYAT ACCOUNT ASSISTANT STUDY MATERIAL
JKSSB ACCOUNTING
 

What is a voucher 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 

Debit or Payment Voucher 

A Payment voucher is used to record a payment of cash or cheque. In this case, the cash/bank will be credited and there will be an outflow of funds. 

Credit or Receipt Voucher 

A Receipt voucher is used to record cash or bank receipt. Here there is an inflow of funds. Receipt Vouchers are of two types: 

 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. 

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.