Unicorn Payment Voucher 100’s (02884)

A voucher is a document used by a company’s accounts payable department to gather and file all of the supporting documents needed to approve the payment of a liability. A voucher is essentially the backup document for accounts payable. Accounts payable are the short-term bills owed by companies to vendors and suppliers.

The voucher is important because it’s an internal accounting control mechanism that ensures that every payment is properly authorized and that the goods or services purchased are actually received.

Companies have various short-term financial obligations to suppliers and vendors throughout an accounting period. A company might need to buy inventory or raw materials from suppliers that are used in the production of the company’s goods. The suppliers essentially grant an extension of credit to the company allowing for payment to be made in the near future such as 30, 60, or 90 days.

A voucher is a form that includes all of the supporting documents showing the money owed and any payments to a supplier or vendor for an outstanding payable. The voucher and the necessary documents are recorded in the voucher register. 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
• Receipt showing that goods were received by the company from the supplier
• The general ledger accounts to be used for accounting purposes
• Signatures from authorized representatives at the company for the purchase and payment
• Proof of payment and date once the invoice to the supplier has been paid

The total amount of all the vouchers that have outstanding balances owed are recorded as accounts payable on the balance sheet. Once the voucher has been paid, the proof of payment is included in the voucher and recorded as a paid voucher.