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A payment voucher is a way to record payments made to suppliers and maintain a history of payments that your business has made.Vouchers are used by accounts payable (short-term bills owed by companies to suppliers), invoicing and payroll.

Any written documentation supporting the entries reported in the account books, indicating the transaction's accounting accuracy, can be referred to as a voucher. For example, a bill, invoice, receipt, salary and wages sheet, pay-in-slip counterfoil, cheque book counterfoil, or trust deed.

In other words, a voucher is a supporting document for an invoice received by the company. Once the voucher is issued, it means that the invoice's been checked, and it's been confirmed that it needs to be paid. The voucher authorizes the payment of the invoice in one lump-sum that will be written on the balance sheet.

Some of the supporting documents in a voucher can include:Invoice from the supplier.Vendor or supplier name to be paid.Terms for payment such as the amount owed, the due date, and any discounts granted by the supplier for paying the invoice early.The company's purchase order.More items...

A voucher typically contains the following information:The identification number of the supplier.The amount to be paid.The date on which payment should be made.The accounts to be charged to record the liability.Any applicable early payment discount terms.An approval signature or stamp.Apr 11, 2021

Example payment voucher process Essentially, a company orders inventory from a vendor and the company manager fills out a purchase order.The company can debit the inventory account and credit the cash account to record the payment.

Create a Payment Voucher with Voucher Class for Employee PaymentsGo to Gateway of Tally > Accounts Info. >Select Payment from the List of Voucher Types .Enter Employee Payments in Name of Class .Press Enter and the Voucher Type Class screen will appear as shown below:More items...