THE VOUCHER SYSTEMOne of the most common methods to control cash payments is thevoucher system. The components of a voucher system are 1)- vouchers:documents establishing proof of payment,2)- a voucher register: to record every voucher,3)- an unpaid voucher file,4)- a paid voucher file, and the5)- a check register: to record the payment of each voucher.The voucher system provides effective accounting controls and aidsmanagement decision making.THE VOUCHER SYSTEMIMPORTANT FACTS CONCERNING VOUCHERS1)- Vouchers must be prepared for all payments.2)- Vouchers represent written authorization of a payment.3)- Before a voucher can be approved; the receiving report,invoice and purchase order should be compared keeping in mind possiblediscounts.4)- All vouchers should be recorded in the voucher register in a numericalorder.THE VOUCHER SYSTEMFACTS CONCERNING THE VOUCHER REGISTER1)- All vouchers must be recorded in the voucher register.2)- Vouchers are listed in numerical order.3)- The register records the payee, the date the payment is made and thenumber of the check issued for payment,4)- The Accounts Payable account is always credited, but there may bedifferent accounts to be debited.
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