Practical Accounting For Executive in Bangladesh
Practical Accounting For Executive in Bangladesh
Practical Accounting For Executive in Bangladesh
Md Abdur Razzaq
EXECUTIVE MBA, ACCA, ITP, LLB (Cont.)
Contents
Practical Accounting (Free session guide) for executive .............................................................................. 2
Topics we cover today .............................................................................................................................. 2
Importance of vouchering systems ......................................................................................................... 3
The life cycle of a voucher........................................................................................................................ 4
Types of Voucher ...................................................................................................................................... 5
Walk through the process of creating a voucher, authorising it, and verifying/approving it ............... 7
Purchase procedure ................................................................................................................................. 8
Responsibilities of Accounting executive for the purpose of Vochure .................................................. 9
MCQ: Test your understanding .............................................................................................................. 10
Answer of MCQ ...................................................................................................................................... 12
Course: 4 Months+1 Year CPD Membership .............................................................................................. 14
Detail course outline ................................................................................................................................... 14
Practical VAT Management.................................................................................................................... 14
Income Tax Management ...................................................................................................................... 14
Practical Accounting (Executive level) ................................................................................................... 15
Instructor ................................................................................................................................................ 16
Investment for the journey: ................................................................................................................... 16
Special and early bird offer: ................................................................................................................... 16
WhatsApp number ................................................................................................................................. 16
Join our Executive Level VAT, Tax, and Practical Accounting course today to
accelerate your career and achieve your financial goals!
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
P a g e 2 | 16
Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
In summary, vouchering systems play a critical role in accounting by ensuring the accuracy of
financial information, preventing fraud, tracking expenses, and promoting compliance with
accounting regulations.
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
1. Creation: The voucher is created when a transaction occurs, such as when goods or
services are purchased or when expenses are incurred. The voucher contains details such
as the date, amount, payee, and purpose of the transaction.
2. Authorization: The voucher is then authorized by an authorized person who verifies that
the transaction is legitimate and authorized by the organization's policies and procedures.
This helps prevent fraud and unauthorized transactions.
3. Recording: The voucher is then recorded in the organization's accounting system, typically
in the accounts payable or expense accounts. This helps track expenses and ensures that
the financial records are accurate.
4. Payment: After the voucher has been authorized and recorded, payment is made to the
payee. This may involve issuing a check, making an electronic transfer, or other forms of
payment.
5. Filing: Finally, the voucher is filed in the organization's records, typically in a physical or
electronic filing system. This helps ensure that the voucher is properly documented and
can be easily accessed for future reference or audit purposes.
Overall, the life cycle of a voucher is a critical part of the organization's financial processes, helping
to ensure that financial transactions are properly documented, authorized, recorded, and paid. By
following a proper voucher life cycle, organizations can maintain accurate financial records,
prevent fraud, and comply with accounting regulations.
Advance your career prospects and enhance your financial skills with our
comprehensive course on VAT, Tax and practical accounting.
Learn from experienced professionals and take control of your career future!
Admission going on…
4 Months + 1 Year (Special pilot program)
VAT, Tax and Practical Accounting
Early bird offer for first 30 Participants
Detail: 01717-228581
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
Types of Voucher
There are several types of vouchers that are used in accounting, including:
1. Cash Voucher: A cash voucher is a document used to record a cash transaction, such as a
payment or receipt of cash. It typically includes details such as the date, amount, payee or
payer, and purpose of the transaction.
2. Bank Voucher: A bank voucher is used to record a transaction involving a bank, such as a
deposit or withdrawal. It typically includes details such as the date, amount, bank account
number, and purpose of the transaction.
3. Journal Voucher: A journal voucher is used to record non-cash transactions, such as
adjusting entries or transfers between accounts. It typically includes details such as the
date, accounts affected, and purpose of the transaction.
4. Purchase Voucher: A purchase voucher is used to record the purchase of goods or
services. It typically includes details such as the date, vendor name, amount, and purpose
of the purchase.
5. Sales Voucher: A sales voucher is used to record the sale of goods or services. It typically
includes details such as the date, customer name, amount, and purpose of the sale.
6. Receipt Voucher: A receipt voucher is used to record the receipt of money, such as a
payment from a customer or a refund from a vendor. It typically includes details such as
the date, amount, payer or payee, and purpose of the transaction.
7. Payment Voucher: A payment voucher is used to record a payment, such as a payment
to a vendor or employee. It typically includes details such as the date, amount, payee, and
purpose of the payment.
Overall, the type of voucher used depends on the nature of the transaction being recorded and
the needs of the organization. By using the appropriate type of voucher, organizations can
maintain accurate financial records and track their financial activity effectively.
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
1. Initiator: The initiator is the person who prepares the voucher and initiates the transaction.
The initiator should ensure that all necessary information is included in the voucher and
that it is accurate.
2. Approver: The approver is the person who has the authority to approve the voucher. This
person may be a supervisor, manager, or other designated authority. The approver should
review the voucher to ensure that it is complete, accurate, and compliant with
organizational policies and procedures.
3. Controller: The controller is the person who is responsible for reviewing and reconciling
the accounting records. The controller should review the vouchers to ensure that they are
properly authorized and that they comply with accounting standards and policies.
4. Auditor: The auditor is an independent party who reviews the accounting records to
ensure that they are accurate and complete. The auditor may review the vouchers to
ensure that they are properly authorized and that they comply with accounting standards
and policies.
Overall, the level of voucher authorization required depends on the organizational policies and
procedures and the nature of the transaction. By ensuring that vouchers are properly authorized,
organizations can prevent errors and fraud, maintain accurate financial records, and ensure
compliance with accounting standards and regulations.
Join our online course on VAT, Tax and Practical accounting to learn how to optimize
your financial strategy and achieve financial success.
Our practical insights and expert guidance will help you stay compliant and achieve
your goals.
Walk through the process of creating a voucher, authorising it, and verifying/approving it
The process of creating, authorizing, and verifying/approving a voucher can vary depending on
the organization and the specific voucher system being used. However, here is a general overview
of the process:
Creating a voucher:
1. The person or department requesting the goods or services creates a voucher request that
includes the vendor or service provider name, the goods or services needed, the cost, and
any other relevant information.
2. The voucher request is reviewed and approved by a supervisor or manager to ensure that
it meets the organization's policies and budget guidelines.
3. Once approved, the voucher request is converted into a voucher document, which includes
a unique voucher number, the vendor or service provider details, the goods or services
requested, the cost, and the authorization signatures.
Authorizing a voucher:
1. The voucher document is sent to the accounts payable department for processing.
2. The accounts payable department reviews the voucher document to ensure that it meets
the organization's policies and budget guidelines.
3. The accounts payable department verifies that the goods or services were received or
provided, and that they meet the agreed-upon specifications and quality.
4. If everything is in order, the accounts payable department authorizes the voucher for
payment by affixing their signature to the voucher document.
Verifying/approving a voucher:
1. The voucher document is sent to the financial controller or another designated approver
for final verification and approval.
2. The financial controller reviews the voucher document to ensure that it meets the
organization's policies and budget guidelines and that it has been properly authorized.
3. The financial controller verifies that the payment amount matches the agreed-upon cost
and that the payment is properly recorded in the accounting system.
4. If everything is in order, the financial controller approves the voucher for payment.
Once the voucher has been approved, the payment is made to the vendor or service provider by
the accounts payable department, and the voucher is filed for record-keeping purposes.
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
Purchase procedure
The purchase procedure is the process that an organization follows to acquire goods or services
from suppliers. The following are the typical steps involved in a purchase procedure:
1. Identify the need: The first step is to identify the need for goods or services. This could
be initiated by a departmental manager or a purchasing officer.
2. Raise a purchase request: The departmental manager or purchasing officer then raises a
purchase request that specifies the type and quantity of goods or services required.
3. Obtain quotes: The purchasing officer then obtains quotes from potential suppliers. This
may involve issuing a request for quotation (RFQ) or a request for proposal (RFP) to a list
of pre-approved vendors.
4. Evaluate quotes: The purchasing officer evaluates the quotes received from the vendors
based on price, quality, delivery time, and other factors.
5. Select a supplier: Based on the evaluation, the purchasing officer selects the supplier who
offers the best value for money.
6. Raise a purchase order: Once a supplier is selected, a purchase order is raised that
specifies the type and quantity of goods or services required, the agreed price, delivery
date, and payment terms.
7. Receive the goods or services: When the goods or services are delivered, they are
inspected to ensure that they meet the specified quality and quantity.
8. Record the purchase: The purchase is then recorded in the organization's accounting
system, along with supporting documents such as purchase orders, invoices, and receipts.
By following a structured purchase procedure, organizations can ensure that they obtain the
goods or services they need at the best possible price, while maintaining control over their
spending and maintaining accurate financial records.
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
Overall, the accounting executive plays a critical role in maintaining accurate and complete
financial records through effective voucher control. By ensuring that vouchers are properly
prepared, authorized, recorded, and reconciled, accounting executives can help prevent errors
and fraud, ensure compliance with accounting standards and regulations, and support the
organization's financial reporting requirements.
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
1. What is a voucher?
A) A document used to record financial transactions
B) A form of currency
C) A type of investment
D) A method of shipping goods
6. What is an invoice?
A) A document that requests payment for goods or services
B) A form of currency
C) A type of investment
D) A method of shipping goods
7. What is a receipt?
A) A document that proves that payment has been made
B) A form of currency
C) A type of investment
D) A method of shipping goods
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
P a g e 11 | 16
Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
Answer of MCQ
1. What is a voucher?
A) A document used to record financial transactions
B) A form of currency
C) A type of investment
D) A method of shipping goods
6. What is an invoice?
A) A document that requests payment for goods or services
B) A form of currency
C) A type of investment
D) A method of shipping goods
7. What is a receipt?
A) A document that proves that payment has been made
B) A form of currency
C) A type of investment
D) A method of shipping goods
P a g e 12 | 16
Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
P a g e 13 | 16
Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
P a g e 14 | 16
Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
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Md Abdur Razzaq MBA, ACCA, ITP, LLB (Con.)
Member of Dhaka Taxes Bar Association
Digital VAT & ITP Coach
Founder of VATCONS BD
Instructor
Md Abdur Razzaq MBA, ACCA, ITP, LLB (Cont.)
Founder & CEO of VATCONS BD (e-Learning Platform)
Director (VAT & Tax) of BDCONS Professional Services Limited
Member of Dhaka Taxes Bar Association
Contact Number: +88-01717-228581
e-mail: arazzaq.acca@gmail.com
Website: https://courses.vatconsbd.com/
Apps: https://play.google.com/store/apps/details?id=com.vatconsbd.courses
The course will be taught by a highly experienced accounting and tax professional with
extensive knowledge of the Bangladeshi VAT and tax regulations and practical accounting
experience.
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