A payment voucher is prepared for all payments, whether made directly or indirectly by the firm’s bank. All businesses make payments in the following manner:
Payment vouchers will not be issued in this instance. A journal voucher should be prepared for this type of transaction.
A small business organization, where cash and bank payment transactions are few, can use a single type of payment voucher for all types of payments. However, it is not feasible for a large company to use a single type of payment voucher for all types of payment transactions. For control purposes, two types of payment vouchers may be prepared in that case:
Cash Payment Voucher : These vouchers are only valid for cash payments.
Bank Payment Voucher : This type of voucher is used for payments made through the bankers of a business organization.
Bookkeeping involves the preparation of reference documents for financial transactions and other business activities. This aids in the identification of monetary transactions and events, which ultimately assists in preserving proper financial records.
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