The dictionary meaning of voucher “is a piece of evidence or a written document serving as a proof. A paper which confirms the truth of anything, as a receipt or a certificate of correctness”.
For accounts and audit purpose voucher may be defined “as a document which witnesses an entry recorded in a primary books of account. It may be either the whole of the evidence or may only contain a reference to the evidence and to the authority on the basis of which the entry has been recorded”.
Voucher is first account record which is to be prepared by the accountant with the help of source document. Every voucher has debit and credit part. It means that according to the nature of transaction one account is to be debited while other account is to be credited. Voucher is the very primary record to show the authenticity of the transactions.
Voucher is the base of the accounting records. At the time of preparation of voucher, the accountant must assign the correct account head otherwise every thing will be wrong and will result into wrong information. Therefore, every voucher is checked by some supervisor to avoid the mistakes.
Every voucher must be signed by the accountant and the supervisor and must be supported with proof of transaction. Generally, the following types of vouchers are prepared in a business firm:-
- Bank Payment Voucher
- Cash Payment Voucher
- Cash Receipt Voucher
- Bank Receipt voucher
- Contra voucher
- Purchase voucher
- Sales voucher
- Journal voucher
- Sales return voucher
- Purchase return voucher
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