All payments, whether made directly or indirectly by the firm’s bank, are documented with a payment voucher. Payments are made by all businesses in the following manners:
In this case, payment vouchers will not be issued. This type of transaction should be recorded in a journal voucher.
An organization that has few cash and bank transactions can use a single type of payment voucher for all types of payments. For large companies, however, the use of a single type of payment voucher is not feasible. There are two types of payment vouchers that can be prepared for control purposes in this situation:
A bookkeeper prepares references for financial transactions and other business activities. It facilitates the identification of monetary transactions and events, which ultimately facilitates the preservation of appropriate financial records.
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