Voucher in Accounting – Meaning of Voucher:
A Voucher in Accounting is a document , which provides the evidence of the occurrence of a transactions is called Voucher. Voucher is also called the Source Document . A voucher is also prepared to show the necessary details in respect of a transaction where there may not be any documentary evidence, particularly in respect of small transactions like petty expenses.
Vouchers in accounting can be classified into the following categories : –
- Cash vouchers,
- Debit vouchers,
- Credit vouchers,
- Journal vouchers, etc.
There are no set formats of accounting vouchers , and these are prepared by different organisations depending on the nature of the transaction.
Transaction Voucher in accounting records a transaction with one debit and one credit.
Compound voucher records a transaction that entails
- multiple debits and one credit;
Multiple s credit/and one debit
Compound vouchers can be further divided into :
(a) Debit Voucher or
(b) Credit Voucher;
Complex Voucher / Journal Voucher
Complex Voucher or Journal Voucher in Accounting records transactions with multiple debits and multiple credits
Format and Elements of Vouchers
Since there is no set format for an accounting voucher, depending upon the nature, requirement and convenience of the business, Different types of accounting voucher exist. Where, separate vouchers are made for separate items of expenses , in order to distinguish them, the business uses different colour papers and different fonts . in order to be useful, an accounting voucher should contain the following essential elements :
- It should be made on a good quality paper;
- Name of the firm/company/ business/ enterprise must be printed on the top of the voucher ;
- Date of entering into a transaction should be mentioned all the voucher ;
- All the vouchers should be made in a serial order based on the date on which the transactions have been entered into;
- Name of the account to be debited or credited should be mentioned;