What is a ‘Voucher’
The voucher is the document used by the company accounts arrears Department to collect and submit all documents required for payment verification with limited liability. A voucher is an internal control accounting, which ensures that every payment is authorized appropriately and purchased goods or services are actually received.
Breaking Down The ‘Voucher’
Every business maintains written procedures for each routine task of company account. One objective of the approval process and payment of invoices vendor and copies of certain documents must support each payment.
Examples of vouchers
Assume that the restaurant, eating meat and fish every few days from vendors. The restaurant Manager fills an order for 30 pounds of meat and the owner initials the purchase order to Approve shipment. When I received the package, the contents of the load in comparison with purchase order to ensure that the supply corresponds to what was ordered. The restaurant fills a receipt to document the process and receive shipping compared to the invoice of the supplier.
Voucher includes a cover sheet that explains each attachment and purchase order, shipment and invoice attached to the voucher. The owner will consider all the information a voucher before you sign the check and the voucher can also list the main accounts are used to record the transaction. A restaurant, for example, may credit (increase) on account of stocks of meat and debit (decrease) the cash account to record the payment.
As vouchers Support the Audit
Vouchers of the company are the main source of evidence during the audit. Auditor performs a number of procedures to determine if the financial statements are free of material misstatement. Actually received supporting documents that the goods are purchased, which supports the approval of the auditor of goods and services placed in the financial statements actually exists. The voucher also justify money payments of the firm to vendors and documents the Ledger accounts used for posting transactions.
Factoring in fraud prevention
With the help of a voucher system also reduces the risk of employees colluding to steal assets of the company. Firms use the concept of separation of duties to prevent theft of the employee, which means that these tasks relate to the different people in the organization. For example, the restaurant Manager fills out a purchase order, the owner approves the order and third parties compares items received to the vendor invoice. The voucher documents that tasks are performed by three different people and creates a paper trail so that auditors can confirm that responsibilities are properly separated.