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Types Of Vouchers In Accounting
Voucher means a written statement that serves to confirm or witness for some facts like a Transaction. Primarily, it is a document that shows goods purchased or services rendered, authorizing the payment and indicating in the ledger account in which these transactions have to be recorded.
Benefits of Voucher
Types of Vouchers in Accounting
There are four different types of Vouchers in Accounting. They are:
Debit or Payment Voucher
We prepared debit voucher for all type of cash payment. Following are the main payments whose will record in debit voucher for cash payments.
a) For paying cash expenses
b) For paying the bill of buying of goods.
c) For payment of investment
d) For payment to creditors
e) For depositing money in bank
Credit or Receipt Voucher
Credit voucher is also part of cash voucher in which we write only cash receipt of each transaction
Following are main receipt
a) For receipt of income
b) Cash received from sales
c) Cash sale of investment
d) Cash from sale of fixed assets
e) Cash received from our debtors
Non-cash or Transfer Voucher
Non-cash vouchers are used for non-cash transactions. They are basically used as documentary evidence. e.g., Goods sold on a credit basis. In these cases, the cash / bank account of the assessee is not affected.
Except cash vouchers, accountant will also prepare non-cash vouchers for non cash transactions. Following are main transactions which will be gone to non-cash vouchers.
a) For credit purchase or credit sale of goods
b) For credit purchase or credit sales of fixed assets and investment
c) For return of goods which are purchase or sale on credit
d) For providing depreciation
e) For written off the bad debts
Supporting voucher serves as documentary evidence of the transactions happened in the past. For example, you can attach the bill of an expense along with the original voucher just to further support the primary voucher. Petrol Bills attached to the conveyance vouchers is a good example of Supporting Voucher.