Describe the features of a voucher system and list typical supporting documents for a voucher

Sagot :

A voucher has the following features:

Voucher is a written documentary evidence.

It supports the entry which appears in the company’s books of accounts.

It also  justifies the correctness of the entries made in the books.

Vouchers are pre-numbered, which helps in simplifying the audit trail.

Vouchers state the  complete details of the transaction

Vouchers contain true and complete details of the transactions

It is prepared by the firm’s accountant and  also countersigned by the firm’s accountant.

It is used for internal accounting control, which makes confirm that every transaction is duly authorized.

It is prepared at the time the transaction takes place.

Some of the supporting documents in a voucher can include:

Invoice received from the supplier.

Terms for payment including the amount owed, the due date of voucher, and any discounts granted by the supplier for paying the invoice early.

Vendor or supplier name to whom it is to be paid.

The company's purchase order.

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