Vouchers and there necessatity.

[Faisal79c2]

Hey,

I've a few questions with respect to basic book keeping, just want to clear some concepts.As far as I've understood there are 10 types of vouchers, which includes:
1. Cash Payment Voucher
2. Bank Payment Voucher
3. Cash Receipt Voucher
4. Bank Receipt Voucher
5. Contra Voucher
6. Sales Voucher
7. Purchase Voucher
8. Sale Return Voucher
9. Purchase Return Voucher
10. Journal Voucher

You may add some other if I've missed any. Now, as per my understanding number of vouchers used in any organization vary. My questions are:

1: Which vouchers are utmost necessary to be used?

2: Can we have a journal entry without being backed by any voucher? (e.g. purchase entry backed with purchase invoice but without preparing purchase or any other voucher)

3: Can we use journal voucher as an alternative to other type of vouchers?

 

[kirby]

The vouchers are just forms that are specific to the type of transaction you are doing. They are specific to help remind you to capture all the necessary data for that transaction. So modify them as needed in your particular business. Most vouchers have been replaced by Excel workbooks which capture the same data electronically and in a group vs one by one and now you are a step closer to posting the info if you can upload it to GL.
Again, it is just a form to help you.

 

[Faisal79c2]

The vouchers are just forms that are specific to the type of transaction you are doing. They are specific to help remind you to capture all the necessary data for that transaction. So modify them as needed in your particular business. Most vouchers have been replaced by Excel workbooks which capture the same data electronically and in a group vs one by one and now you are a step closer to posting the info if you can upload it to GL.
Again, it is just a form to help you.

Thanks for the reply. Does it mean, making voucher of each business transaction is optional and we can directly journalize the transaction information from the source document or can post in an accounting software? What does audit standards say?

 

[kirby]

The voucher is a form that HELPS you to remember to capture all the info you need. So it is not a requirement of GAAP, as a PC is not a requirement of GAAP. Just a tool. Some companies create a stamp with all the required fields on the stamp and stamp - say an invoice - and fill in the data and do things that way, WITHOUT a voucher, per se.