Voucher System

Voucher system is an important tool to summarize all the cash expenditures in the entity. No matter for what purpose the expenditure is done, all cash transactions are recorded using the voucher system. In a voucher system, following things are maintained:

  • Vocuher
  • Voucher register
  • Check register
  • Paid voucher file
  • Unpaid voucher file

Journal Entry

Voucher Register

When stock is bought on cash

Purchases

   Voucher payable

When stock is bougt on credit terms.

Purchases

   Voucher payable

In case of purchase return

Voucher payable (old)

   Purchase return

   Voucher payable (New balancing)

In case of expenses incurred 

Expenses

Voucher payable

Debit

xxx

 

 

xxx

 

 

xxx

 

 

 

xxx

Credit

 

xxx

 

 

xxx

 

 

xxx

xxx

 

 

xxx 

 

Check Register

When cash is paid against purchases on cash

Voucher payable

   Cssh

When check is issued for credit purchase

Voucher payable

   Bank

   Purchase discount

 

Debit

xxx

 

 

xxx

 

Credit

 

xxx

 

 

xxx

 xxx