7/10/23, 5:15 AM Types of Vouchers explained for business payments in Accounting

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7/10/23, 5:15 AM Types of Vouchers explained for business payments in Accounting

HOME (/) WORKING CAPITAL MANAGEMENT (/S/WORKING-CAPITAL-MANAGEMENT) PAYMENTS (/S/PAYMENTS) TYPES OF VOUCHERS

Types of vouchers
Updated on : Feb 09, 2022 - 02:00:42 PM • 7 min read.

hare? (https://www.facebook.com/sharer/sharer.php?(https://www.linkedin.com/shareArticle? (whatsapp://send?

/s/types-u=https://cleartax.in/s/types-of-vouchers) mini=true&url=https://cleartax.in/s/types-text=https://cleartax.in/s/types-
of-vouchers) of-vouchers)

A voucher is a supporting document for entries passed in accounting books. A voucher is prepared
when an invoice is received from the supplier and payment is done. It serves as proof of the
occurrence of a transaction and retains effective control over the payables process.

Importance of creating vouchers

Creating vouchers ensures that every payment is authorised and the item purchased is received. It
provides an effective internal control mechanism. They are also very helpful during audits. They serve
as evidence of transactions reported in the financial statements.

Types of vouchers Explained

Let us understand the types of vouchers used:

(1) Receipt voucher- It is also called a credit voucher. A receipt voucher is used to keep a record of
cash or bank receipt. They are of two types:

1. Cash receipt voucher- It contains information about cash received in hand.

2. Bank receipt voucher- It contains information about cheque received, demand draft or any other
mode.

Some of the instances when a receipt voucher is prepared are:

Cash sales

Customer advances received

Receipt of interest, rent, etc.

Refund of tax

Entry passed-

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7/10/23, 5:15 AM Types of Vouchers explained for business payments in Accounting

Cash/bank account is debited

Debtor account is credited

(2) Payment voucher- It is also called a debit voucher. A payment voucher is used to keep a record
of payments made in cash or through the bank. They are of two types:

1. Cash payment voucher- It contains information about cash payments.

2. Bank payment voucher- It contains information about payments made by the bank.

Some of the instances when a payment voucher is prepared are:

Payment of expenses such as rent, security, operating expenses, printing and stationery,
etc.

Payment for purchase of raw material

Entry passed-

Creditor account is debited

Cash/bank account is credited

(3) Journal voucher- A journal voucher is also called a non-cash voucher or transfer voucher. They
serve as proof of non-cash transactions.

Example-

1. In case of credit sales, cash, or bank account is not affected, the entry below will be passed:

Debtor account is debited

Sale on a credit account is credited

2. Depreciating fixed assets of the company:

The depreciation account is debited

A fixed asset account is credited

(4) Supporting vouchers- It serves as documentary evidence of transactions that happened in the
past. Example- One can attach the bill of an expense along with the primary voucher to support the
same. Fuel bills are attached with conveyance vouchers.

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7/10/23, 5:15 AM Types of Vouchers explained for business payments in Accounting

Every company prepares such accounting vouchers as they are extremely important for a business
to track down its income and expenses and ensure compliance with statutory requirements.

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