What is a voucher?
A voucher is a document supporting accounting transactions. Basically, it is a statement that shows goods and services purchased, services provided, authorizing certain payment amount and adding in ledger account where all the transactions are recorded. It is a type of voucher.
What is a credit voucher?
It is the most important document in the business since it outline and approve the company's payment. Business companies decide to employ vouchers as manual or electronic methods.
Types Of Vouchers
- Debit Voucher - A payment voucher is another name for a debit voucher. This voucher is used when a company pays someone else for things like salary and wage payments, raw material payments, loan repayments, and so on. These payments can be made in cash or via bank transfer. As a result, both Cash and Bank Payment Vouchers will be handled as debit vouchers.
- Credit Voucher - When someone makes a payment, this voucher serves as a document that helps to record accounting activities and contains a monetary value, including cash payments. This is essentially a voucher that documents cash or check payment. 'Receipt Voucher' is another name for it.
- Transfer Voucher - All transactions are documented as Transfer vouchers, with the exception of Cash and Bank receipts and payments. The Journal Voucher is another name for this type of voucher. Merchants often create this voucher for credit sales, credit purchases, property transfers, or any other transactions that do not require cash or a bank transaction.
