The voucher system
This presentation is the property of its rightful owner.
Sponsored Links
1 / 22

The Voucher System PowerPoint PPT Presentation


  • 59 Views
  • Uploaded on
  • Presentation posted in: General

The Voucher System. Chapter 23. Purchasing Goods. Payment. Verifying Numbers. Receiving Goods. Purchase Invoice. Purchase Order. Purchase Requisition. Characteristics of a Voucher System. Separation of duties is built into a voucher system. Authorization of transactions is

Download Presentation

The Voucher System

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


The voucher system

The Voucher System

Chapter 23


Purchasing goods

Purchasing Goods

Payment

Verifying Numbers

Receiving Goods

Purchase Invoice

Purchase Order

Purchase

Requisition


Characteristics of a voucher system

Characteristics ofa Voucher System

Separation of duties is built

into a voucher system.

Authorization of transactions is

separated from recording and

execution of these activities.

No purchases are made without

an approved voucher.


Characteristics of a voucher system1

Characteristics ofa Voucher System

All vouchers are supported

by documents and records.

Cross-referencing and cross-checking

are part of the voucher system.

Transactions are traced

throughout the system.


Learning objective 1

Preparing vouchers, recording

them in a voucher register,

and recording payment of

vouchers in a check register.

Learning Objective 1


Learning unit 23 1 handling transactions

Vouchers

Voucher register

Unpaid voucherfile

Check register

Paid voucher file

Learning Unit 23-1(Handling Transactions)

What are the elements of a voucher system?


Learning unit 23 1 handling transactions1

Learning Unit 23-1(Handling Transactions)

Jones Supply Co.Purchase Order: 0732

Date: November 3, 20x8

Ordered from:Ship to:

Beam Enterprise[Same as Above]

Date Needed:

November 28, 20x8

Ship via:

Rail

F.O.B.

Destination

Terms

2/10, n/30

Quantity

Ordered Received

100

200

Description

V1342 Staplers

V3918 Calculators

Total

Unit

Price

$ 5.00

20.00

Amount

$ 500

4,000

$4,500

By: Bill Small

Original Purchase Order Authorized Signature


Learning unit 23 1 handling transactions2

Learning Unit 23-1(Handling Transactions)

Beam EnterpriseInvoice Number: B20

Date: Nov. 28, 20x8

Sold to:

Jones Supply Co.Ship to: [Same]

Your Purchase Order

Number: 0732

Inv. No.

B20

Salesman

Munroe

Terms

2/10, n/30

Shipped

via Rail

Quantity

Ordered Received

100 100

200 200

Description

V1342 Staplers

V3918 Calculators

Total

Unit

Price

$ 5.00

20.00

Amount

$ 500

4,000

$4,500

Original Invoice


Learning unit 23 1 handling transactions3

Learning Unit 23-1(Handling Transactions)

Jones Supply Co.Voucher No. 23

InvoiceDate check needed:

Number and Date:December 5, 20x8

B20 November 28, 20x8Payable to: Beam Enterprise

Invoice Amount$4,500

PurchaseLess: Discount 90

Order Number: 0732Net Amount Due$4,410

Verification Steps:Approved by: Date

(1)Invoice compared with purchase

requisition and purchase orderJS12/1/x8

(2)Invoice compared with receiving

reportBM12/1/x8

(3)Extensions and footings doneBJ12/1/x8

(4)Approved for paymentPS12/3/x8


Learning unit 23 1 handling transactions4

Learning Unit 23-1(Handling Transactions)

All vouchers are prenumbered.

Any voided vouchers must be kept on file.

The invoice for a transaction is compared

to the related purchase order, receiving

report, and other supporting documentation.

The voucher is prepared when all

information is cross-referenced.


Learning unit 23 1 handling transactions5

Learning Unit 23-1(Handling Transactions)

The voucher register is a special journal

that replaces the purchases journal.

A voucher is entered into the register on

the date the related liability is incurred.

A check number is entered

on the date of payment.


Learning unit 23 1 handling transactions6

Learning Unit 23-1(Handling Transactions)

Column totals for Vouchers Payable,

Purchases, Supplies, etc., are posted

at the end of the month.

Individual amounts are posted

to the subsidiary ledgers daily.


Learning unit 23 1 handling transactions7

Learning Unit 23-1(Handling Transactions)

Each voucher is recorded in the voucher

register at the time a liability is incurred.

It is then placed into a file in

the order of the due date.

Filing by due date is important in

order to avoid any late payments.

The voucher remains in this file until it is paid.


Learning unit 23 1 handling transactions8

Learning Unit 23-1(Handling Transactions)

The check register replaces

the cash payments journal.

The check register for a voucher

system has many columns.

The columns in this special register have account

and number headings linked to the voucher register.

The paid vouchers are filed in sequential

order of voucher numbers.


Learning objective 2

Recording revised vouchers to

handle nonroutine transactions

in a voucher system.

Learning Objective 2


Learning unit 23 2 recording additional transactions

Learning Unit 23-2 (Recording Additional Transactions)

Situation 1:

Purchases returns and allowances

after voucher has been recorded

Situation 2:

Partial payments planned after

voucher prepared for full amount


Learning objective 3

Using the net amount

method to record

invoices and payment.

Learning Objective 3


Learning unit 23 2 recording additional transactions1

Learning Unit 23-2 (Recording Additional Transactions)

How do some companies record

purchases at net amount?

Vouchers are recorded at net amount.

The applicable discount is subtracted first.

A Purchases Discount Lost account

is used to record missed discounts

related to late payments.


Learning unit 23 2 recording additional transactions2

Learning Unit 23-2 (Recording Additional Transactions)

Mill Company buys merchandise

on account for $8,000, 2/10, n/30.

Gross method:

Purchases 8,000

Vouchers Payable8,000

Net method:

Purchases 7,840

Vouchers Payable7,840


Learning unit 23 2 recording additional transactions3

Learning Unit 23-2 (Recording Additional Transactions)

What if the discount is taken on time?

Gross method:

Vouchers Payable 8,000

Purchases Discount 160

Cash7,840

Net method:

Vouchers Payable 7,840

Cash7,840


Learning unit 23 2 recording additional transactions4

Learning Unit 23-2 (Recording Additional Transactions)

What if the discount is missed?

Gross method:

Vouchers Payable 8,000

Cash8,000

Net method:

Vouchers Payable 7,840

Discount Lost 160

Cash8,000


End of chapter 23

End of Chapter 23


  • Login