These vouchers provide the most flexibility and options. Use the review program to: Review and approve batches Review and change individual vouchers Review and change journal entries. After you review and approve vouchers, post them to the general ledger.
You can: Create split payments Set up recurring vouchers Modify and delete entries Specify from which bank account to pay Assign an alternate payee Review the Approval Status of voucher.
You cannot: Enter vouchers as quickly because you use two forms to enter voucher and general ledger information. You must enter a payee for the tax type or DBA and then complete the steps for revising voucher information.
You should review these journals before you process the final update to verify the accuracy of the pro forma vouchers. The system prints the reports during the final update. At that time, these journals include the document numbers and pay items.
This report lists all the amounts for wage attachments that were calculated in a payroll cycle. Listings with unspecified payees are for loans. You can print this report during the print payroll cycle reports step of the payroll cycle. The system does not print it automatically.
Occasionally, you might need to revise payroll voucher information. For example, you might need to change the payee for a voucher or set up vouchering in the DBA instructions for an employee. You might also need to change the information for a payee that has been entered in the Accounts Payable system.
If you revise voucher information while you are processing a payroll cycle, you must typically rerun some steps in the cycle to ensure that the system creates the appropriate vouchers.
The steps you must rerun vary depending on whether the voucher information that you revise is for a tax type or for a DBA. If you revise voucher information for a tax type while you are processing a payroll cycle, you do not need to reset the payroll ID.
Instead, you rerun the journal entries step of the payroll cycle, which re-creates the Payroll Journal workfile F To revise voucher information for a tax type.
On the first Payroll Journal Entries form, complete the steps for creating the pro forma journal entry workfile. You must use different DBA forms depending on the type of correction you need to make. Use the following form that contains the information that needs to be revised:. If you revise voucher information for a DBA while you are processing a payroll cycle, you must reset the payroll ID and rerun a full pre-payroll processing.
You cannot run a pre-payroll only for the changes. To revise voucher information for a DBA. On the first Pre-Payroll Processing form, complete the steps for running a full pre-payroll processing. Payroll I Guide,. When you process the final update for a payroll cycle that includes vouchers, the Payroll system provides several reports that you can print to verify voucher information before you post the vouchers to the general ledger. You can also review reports that indicate whether the vouchers posted correctly.
You should also have printed the detail and summary journals during the print payroll cycle reports step of the payroll cycle. When the system prints these reports during final update, they include document numbers and pay items.
You can use this information to verify voucher information before you post vouchers to the general ledger. Use the Payroll Voucher Edit Report to determine whether any voucher-related errors occurred when the system created the actual vouchers during final update.
Download link sent. Category Corporate Finance and Accounting. Voucher Reviewed by Anjaneyulu Updated on Nov 11, Introduction Any written documentation supporting the entries reported in the account books, indicating the transaction's accounting accuracy, can be referred to as a voucher. Accounting Voucher A voucher is created once we have received the invoice from a supplier. Components of Voucher This is most commonly found in a manual payment scheme, in which it is part of the control mechanism.
A voucher usually contains the following information: Supplier identification number The amount payable The date on which payment will be made The accounts payable to record the liability Any valid early payment discount terms The approval signature or stamp Types of Vouchers There are different types of vouchers in accounting. They are: Debit or Payment voucher Credit or Receipt voucher Supporting voucher Non-Cash or Transfer voucher Journal voucher Benefits The following are a few benefits of maintaining vouchers: Vouchers are useful to retain better control over the payables process.
Many invoices can be paid at once, thereby reducing the number of cheques. The suppliers essentially grant an extension of credit to the company allowing for payment to be made in the near future such as 30, 60, or 90 days.
A voucher is a form that includes all of the supporting documents showing the money owed and any payments to a supplier or vendor for an outstanding payable.
The voucher and the necessary documents are recorded in the voucher register. Some of the supporting documents in a voucher can include:. Vouchers often contain expiration dates in addition to various terms, conditions, and restrictions. Be sure to understand these in order to redeem them successfully.
The total amount of all the vouchers that have outstanding balances owed are recorded as accounts payable on the balance sheet.
Once the voucher has been paid, the proof of payment is included in the voucher and recorded as a paid voucher. An auditor performs a set of procedures to determine if the financial statements are free of material misstatement. Using a voucher system also reduces the risk of employees colluding to steal company assets. Businesses employ segregation of duties to prevent employee theft, which means that critical tasks are assigned to different people within the organization.
The voucher documents that the tasks are performed by multiple people and creates a paper trail so that an auditor can confirm that the duties were properly segregated. A local restaurant orders meat and fish every few days from its vendors.
The restaurant manager fills out a purchase order for 30 pounds of meat, and the owner initials the purchase order to approve the shipment. When the shipment is received, the contents of the shipment are compared with the purchase order to ensure that the shipment matches what was ordered. The voucher, which is a cover page that explains the attached documents, includes the purchase order, shipping receipt, and the invoice. The purchase amount is added and recorded to accounts payable on the balance sheet until paid.
The owner reviews all the voucher information before signing a check. The voucher also includes the general ledger accounts used to record the transaction. The restaurant, for example, can debit the meat inventory account and credit the cash account to record the payment. The receipt of payment and the date is recorded to show that the voucher has been paid. Accounts payable will reflect the lower balance due to the invoice being paid, assuming there are no additional payables generated.
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