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Payment: Voucher Vs. Check

 
 
JMartin
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      01-06-2004, 09:33 PM
I see this often and I'm not quite sure what the difference is. I can
make a payment using a Voucher or I can make a payment using a Check.
These are stored values in a database:

Payment Record
Document Type: Check or Voucher
Payee: ABC Whatever

I have seen conflicting uses. It seems as though they are almost the
same.

TIA!
 
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_
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      01-10-2004, 02:43 PM
You see this often - where?
Stored in what database?
Seen what conflicting uses, where? Conflicting how?

I don't know about the U.S., but there's not such thing as "payment by voucher" in Canada.

Some bookkeeping systems employ a "voucher system" in which bills that are approved for payment are attached to a voucher. A voucher therefore contains one or more bills from a specific vendor that have been approved for payment but not yet paid. A decision when to pay each voucher can then be made immediately or later based on cash flow, due date, discounts or penalties, or other considerations. Some systems allow partial payment of a voucher, others will pay only a complete voucher and therefore require that one or more bills be removed from one voucher and attached to another. A voucher is, therefore, a document authorizing payment. A voucher can also be written without attaching an actual bill; for example, a voucher authorizing payment of monthly rent, since rent is usually paid without a bill or invoice.

In another usage of the word, a voucher is approximately equivalent to a check stub. It may be desirable to print a voucher as supporting documentation for an electronic payment, for example.

Different uses of a word are not necessarily conflicting. Many words have multiple meanings in varying contexts.



"JMartin" <(E-Mail Removed)> wrote in message news:ZQFKb.207103$%(E-Mail Removed) om...
> I see this often and I'm not quite sure what the difference is. I can
> make a payment using a Voucher or I can make a payment using a Check.
> These are stored values in a database:
>
> Payment Record
> Document Type: Check or Voucher
> Payee: ABC Whatever
>
> I have seen conflicting uses. It seems as though they are almost the
> same.
>
> TIA!

 
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JMartin
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      01-11-2004, 02:58 AM
_ wrote:

> You see this often - where?
> Stored in what database?
> Seen what conflicting uses, where? Conflicting how?
>


I have seen it in financial databases. You have a payment table/file
with a field called pay-type. This pay-type can be "V" for voucher or
"C" for check.

> I don't know about the U.S., but there's not such thing as "payment
> by voucher" in Canada.


I'm not sure it's a payment or rather proof of a payment.

>
> Some bookkeeping systems employ a "voucher system" in which bills
> that are approved for payment are attached to a voucher. A voucher
> therefore contains one or more bills from a specific vendor that have
> been approved for payment but not yet paid. A decision when to pay
> each voucher can then be made immediately or later based on cash
> flow, due date, discounts or penalties, or other considerations.
> Some systems allow partial payment of a voucher, others will pay only
> a complete voucher and therefore require that one or more bills be
> removed from one voucher and attached to another. A voucher is,
> therefore, a document authorizing payment. A voucher can also be
> written without attaching an actual bill; for example, a voucher
> authorizing payment of monthly rent, since rent is usually paid
> without a bill or invoice.


How does this affect your ledger. Once a voucher is "written", a debit
is made?

>
> In another usage of the word, a voucher is approximately equivalent
> to a check stub. It may be desirable to print a voucher as
> supporting documentation for an electronic payment, for example.


This makes sense.

Thanks for the input!

>
> Different uses of a word are not necessarily conflicting. Many words
> have multiple meanings in varying contexts.
>
>
>
> "JMartin" <(E-Mail Removed)> wrote in message
> news:ZQFKb.207103$%(E-Mail Removed) om...
> > I see this often and I'm not quite sure what the difference is. I
> > can make a payment using a Voucher or I can make a payment using a
> > Check. These are stored values in a database:
> >
> > Payment Record
> > Document Type: Check or Voucher
> > Payee: ABC Whatever
> >
> > I have seen conflicting uses. It seems as though they are almost
> > the same.
> >
> > TIA!


 
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Gary V. Deutschmann, Sr.
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      01-11-2004, 02:29 PM
Hi J

I didn't chime in before, since I'm not an accountant, just a bumbling
bookkeeper<G>.

But I was looking for someone in the know to post what a voucher
really was, as what we call voucher payments are probably quite a bit
unlike what an accountant calls a voucher payment.

We paid a small but fair percentage of our accounts payable using
vouchers rather than checks.
It worked like this. Many of our suppliers were also our customers as
well. They would call up and order things to be delivered to someone
for them and simply charge the sale on a house account.
At the end of the month when we paid them as a supplier, and instead
of sending them a statement for what they owed us.
We would generate a voucher, which showed their charge being zeroed
and the amount would also appear on the check stub copy they received
with the check where we paid the remaining balance we owed them.
On the occasion when the tables were vice versa, they would send us a
statement, and we would pay the statement using only a voucher,
showing a transfer of part of their debt to us as payment.

In a sense, it was sorta like bartering, except we still tracked and
paid the sales and/or use taxes independently.

Another instance of payment by voucher is when we had pre-approved
lines of credit at the bank or in some rare cases, letters of credit.
Rather than write a check, we would send a cash transfer voucher, or
if overseas, something similar, a foreign exchange voucher.
This way the completed sale was not recorded in the ledgers until we
received the statement from the bank, showing how many US dollars were
exchanged for the foreign voucher. It actually made the bookkeeping
quite easier for us as we didn't have to go back and make currency
adjustments for exchange rate differences!

TTUL
Gary

 
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_
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      01-11-2004, 04:12 PM
Thanks Gary.

Your first example, using a voucher to offset payables/receivables with a vendor-customer, is essentially a journal entry, albeit for one specific purpose. I've seen many clients who call all journal entries "journal vouchers", some using them only for general journal entries and others (generally in older modular systems with limited integration to the GL) for most or all entries in the GL.

Your second example seems to be just a particular method of authorizing a bank transfer. I have some clients who do the same thing by email, others by fax, some by telephone, others by visiting the bank and signing the bank's document (whatever it might be called by the bank). These methods seem to vary depending on the bank, the company, and the relationship between bank and company.

All are variations on a couple of themes. The common thread seems to be that a voucher is a piece of paper that provides documentation for a transaction, the word being used in a variety of specific ways varying from specific single purposes to more general purposes. You can't be sure exactly what it means in a particular situation without more information.


"Gary V. Deutschmann, Sr." <(E-Mail Removed)> wrote in message news:(E-Mail Removed)...
> Hi J
>
> I didn't chime in before, since I'm not an accountant, just a bumbling
> bookkeeper<G>.
>
> But I was looking for someone in the know to post what a voucher
> really was, as what we call voucher payments are probably quite a bit
> unlike what an accountant calls a voucher payment.
>
> We paid a small but fair percentage of our accounts payable using
> vouchers rather than checks.
> It worked like this. Many of our suppliers were also our customers as
> well. They would call up and order things to be delivered to someone
> for them and simply charge the sale on a house account.
> At the end of the month when we paid them as a supplier, and instead
> of sending them a statement for what they owed us.
> We would generate a voucher, which showed their charge being zeroed
> and the amount would also appear on the check stub copy they received
> with the check where we paid the remaining balance we owed them.
> On the occasion when the tables were vice versa, they would send us a
> statement, and we would pay the statement using only a voucher,
> showing a transfer of part of their debt to us as payment.
>
> In a sense, it was sorta like bartering, except we still tracked and
> paid the sales and/or use taxes independently.
>
> Another instance of payment by voucher is when we had pre-approved
> lines of credit at the bank or in some rare cases, letters of credit.
> Rather than write a check, we would send a cash transfer voucher, or
> if overseas, something similar, a foreign exchange voucher.
> This way the completed sale was not recorded in the ledgers until we
> received the statement from the bank, showing how many US dollars were
> exchanged for the foreign voucher. It actually made the bookkeeping
> quite easier for us as we didn't have to go back and make currency
> adjustments for exchange rate differences!
>
> TTUL
> Gary
>

 
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_
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      01-11-2004, 04:21 PM
In some of the systems I described a voucher would be recorded as
debit Accounts Payable
credit Vouchers Payable
indicating the amounts are "closer" to being paid. This is more honest and more accurate than the practice of some businesses to write a cheque but "hold" it until "authorized for release".

In other systems there is no entry made.

Also see Gary Deutschmann's reply.
"Voucher" is just a word that can be used in various ways ranging from very specific meanings to quite general usage. It's not possible to know the meaning in a particular context without more information.



"JMartin" wrote:
> How does this affect your ledger. Once a voucher is "written", a debit
> is made?
>


 
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JMartin
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      01-11-2004, 07:04 PM
_ wrote:

> Thanks Gary.
>
> Your first example, using a voucher to offset payables/receivables
> with a vendor-customer, is essentially a journal entry, albeit for
> one specific purpose. I've seen many clients who call all journal
> entries "journal vouchers", some using them only for general journal
> entries and others (generally in older modular systems with limited
> integration to the GL) for most or all entries in the GL.
>
> Your second example seems to be just a particular method of
> authorizing a bank transfer. I have some clients who do the same
> thing by email, others by fax, some by telephone, others by visiting
> the bank and signing the bank's document (whatever it might be called
> by the bank). These methods seem to vary depending on the bank, the
> company, and the relationship between bank and company.
>
> All are variations on a couple of themes. The common thread seems to
> be that a voucher is a piece of paper that provides documentation for
> a transaction, the word being used in a variety of specific ways


This is exactly what I was understanding. But ultimately, I guess you
have to determine exactly what it means where it is being used.

Thanks for all the input!


 
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