Voucher in Accounting – Meaning of Voucher
A voucher is a document used to gather and file all the supporting documents needed to approve the payment of a liability.
It ensures that every payment is properly authorized and that the goods or services purchased are actually received.
Vouchers may be classified as under : –
- Cash vouchers,
- Debit vouchers,
- Credit vouchers,
- Journal vouchers, etc.
There are no prescribed format of voucher in accounting.
Transaction Voucher in Accounting
Transaction Voucheris a voucher in accounting which records transaction with one debit and one credit is a simple transaction.
Compound voucher in Accounting
Compound Voucher is a voucher which records transaction with multiple debits and one credit, or multiple credits and debit is called compound voucher.
Such voucher may be:
(a) Debit Voucher or
(b) Credit Voucher;
Complex Voucher/ Journal Voucher
Complex Voucher/ Journal Voucher is a voucher which records transaction with with multiple debits and multiple credits .