What is a voucher 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
- Vouchers are useful for maintaining a higher level of control over the payable process.
- Several invoices can be paid at once (reducing the number of checks).
- It can be per-numbered, which simplifies the audit trail for payable.
- Invoice approval is separated from invoice payment, it makes easier to schedule both to maximize efficiency.
- Payment of the invoices is done by the cashier, who reports to the treasurer.
Types of Vouchers in Accounting
There are four different types of Vouchers in Accounting. They are:
- Debit or Payment voucher
- Credit or Receipt voucher
- Non-cash or Transfer Voucher
- Supporting Voucher
Debit or Payment Voucher
A Payment voucher is used to record a payment of cash or cheque. In this case, the cash/bank will be credited and there will be an outflow of funds.
Credit or Receipt Voucher
A Receipt voucher is used to record cash or bank receipt. Here there is an inflow of funds. Receipt Vouchers are of two types:
- Cash receipt voucher – It represents receipt of cash in hand
- Bank receipt voucher – It indicates receipt of a cheque or demand draft i.e., money is not received in the form of cash in hand. Instead, the money is credited to the bank account of the assessee.
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.
Supporting Voucher
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.
This ends the post on different types of vouchers in accounting.
Types of Voucher in Tally ERP 9
A voucher is a document that is used by the accounting department on an organization or a business. Vouchers are used for the systematic compilation and collation of data in the form of invoices, purchase order, certificates, along with other information required to process the payment.
Different Types of Voucher in Tally with Examples
Vouchers can be majorly divided in two categories, inventory vouchers, and accounting vouchers in Tally ERP 9. Under each category, there are numerous different types vouchers in Tally ERP 9 that the accounting professionals use. Here is an extensive list of some of the accounting voucher in Tally examples:
Accounting Vouchers in Tally Examples
- Sales Voucher
- Purchase Voucher
- Payment Voucher
- Receipt Voucher
- Contra Voucher
- Journal Voucher
- Credit Note Voucher
- Debit Note Voucher
There are numerous types of accounting voucher in Tally ERP 9 which help in executing various important accounting tasks. Here, we have listed the accounting voucher in Tally examples:
- Sales Voucher in Tally
Sales voucher is one of the most used accounting vouchers in Tally. Users can create this voucher in two different formats; as an invoice, or as a voucher. The invoice format enables users to print a copy of invoices for customers. The voucher format can be used to store transactional records electronically and it doesn’t need a paper copy for the customer.
- Purchase Voucher in Tally
Like sales vouchers, purchase voucher belongs to the accounting category and is available in both invoice and voucher formats. Editing and modifying receipt entries in Tally are easy, as its voucher format helps accountants to do so quickly. Moreover, Tally also helps in converting a purchase voucher in the invoice format to the voucher format.
- Payment Voucher in Tally
The payment voucher is another accounting voucher in Tally that helps create and print cheques against the order. Once the payment voucher gets passed, the corresponding cheque can be printed by clicking on ‘banking’ and then on ‘cheque printing’.
- Receipt Voucher in Tally
When accountants make a receipt voucher in Tally, all the invoices which have pending payments pop up as a reminder. As soon as the client makes the payment through any mode, the receipt can be updated with the payment method details. In addition, all the details of this receipt can be sent to the customer. Thus, receipt vouchers make payment monitoring easy.
- Contra Voucher in Tally
Contra vouchers are used to withdraw or deposit money in banks with the help of instruments such as cheques/ATM/DD or e-transfer to another account through NEFT/IMPS. With the help of contra vouchers in Tally, accountants can also generate deposit slips for recordkeeping.
Tally also provides exact currency denominations to monitor and print the deposit slip while also depositing the amount.
- Journal Voucher in Tally
Unlike other vouchers, a journal voucher in Tally can come under the roof of both accounting and inventory vouchers. There are multiple uses of a journal voucher in Tally depending on the type of business it is being used for.
It can be found as an optional voucher in Tally to make sales and purchase by accountants. Professionals can also use it for the adjustment or transferring of stock from one warehouse to the other.
- Credit Note Voucher in Tally
Credit note voucher in Tally has to be enabled manually. It is usually enabled by pressing F11 and they manually configuring its features. Credit note can also be passed by checking the original invoice. When a client is selected, Tally shows the transaction invoice history that have been raised.
- Debit Note Voucher in Tally
Debit note voucher is one of the most-used types of voucher in Tally ERP 9, that is used for managing purchase returns. With the help of this, accountants can generate a debit note for invoicing as well as a voucher. Like credit note voucher in Tally, debit note too can easily be configured by pressing F11 and configuring it manually.
Examples of Inventory Vouchers in Tally ERP 9
- Delivery Entry and Receipt Entry
- Material-In and Material-Out Voucher
- Purchase Order and Sales Order Vouchers
Like accounting voucher in Tally, there are inventory vouchers in Tally that help in efficient management of consignments and transaction of goods and services.
- Delivery Entry and Receipt Entry in Tally
Delivery entry vouchers, also known as delivery challans, are one of the basic vouchers for inventory management in Tally ERP 9. It is used to monitor and track the delivery of goods. Some of the information that can be stored, are vehicle number, date of dispatch, loading count etc.
Receipt voucher in Tally does the same thing, where records for consignments such as consignment number, date of dispatch and date of delivery along with inventory count can be recorded. Like delivery entry, receipt entry in Tally is considered to be one of the most essential modules in inventory management.
Similarly, you can create a receipt note as and when you receive consignments from suppliers.
- Material-In and Material-Out Voucher
Both Material-In and Material-Out vouchers are a part of inventory vouchers in Tally to keep a track of all the inventory movements happening in the warehouse. With the help of these vouchers, date and time of material in/out can be recorded, along with the lot number, vehicle and driver details. This too, can be customized by pressing F11 and then configuring the functions.
- Purchase Order and Sales Order Vouchers
Purchase and Sales Order are those types of voucher in Tally that help businesses manage the whole transaction cycle of an order. The process can be simplified by generating both these types of voucher in Tally ERP 9.
These types of inventory vouchers in tally can record particulars such as order number, processing date, due date, price of the order etc