Reporting
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Transcript of Reporting
VOUCHER SYSTEM
Joseph LibrojoJhoanna NaragMicah Punzal
In big companies, the responsibility to make payments
is designed to another person who might be tempted to misappropriate the cash.
To discourage fraud and manipulations, Voucher system, which is a feature of the
imprest system described, should be adopted by companies.
Under this system, no payment is made without a voucher.
A voucher has to be signed by three persons- one who prepares, another one who records
and the one who controls and approve.
See to it that the payment transaction is authentic, and that the supporting invoice or
statement of account must have been properly examined or verified.
The mode of payment is by check which must be in the payee’s name. The check must be signed
at least by two authorized officers.
Under this system, the company uses different special journals.
SALES JOURNAL1. For Sales Transaction2. Cash Sales, for retailers and big department
stores, are rung on cash register tapes which are summarized in a cash summary report and entered here based on total amounts.
SALES JOURNAL
CASH RECEIPT JOURNAL
This is a book of original entry where all cash receipt transactions are recorded such as cash investment, loans, cash sales, collections of customer’s accounts and cash refund.
CASH RECEIPT JOURNAL
VOUCHER REGISTER
1. It takes the place of the Purchaser’s journal2. For all transactions to be paid3. This is a special journal that is used to
record all vouchers prepared for transactions that are to be paid in cash.
VOUCHER REGISTER
4. The Payment Column must be filled up last, that is, when a check has already been prepared and issued by the payee.
5. Just like any special journals, special columns are provided only for accounts that are repetitive in nature. Otherwise, the account is entered in the sundry column.
VOUCHER REGISTER
CHECK REGISTER1. It takes the place of Cash disbursements
journal2. For check payments made 3. This is a special journal that company may
use to record all payments made by the company, which apparently should be made by checks.
CHECK REGISTER
1. Purchases Journal changed To Voucher Register
2. Cash Disbursement Journal changed to Check Register
Steps in a Voucher System!
Steps in a Voucher System!1. The invoice or statement of account
supporting the purchase of goods or receipt of services must be verified and checked to correct specific specification, price and arithmetical computation.
Steps in a Voucher System!2. A voucher is then prepared to
support disbursement wih the invoice or statement of account attached to it authenticating the voucher. The voucher should have the three assignatories. This is then recorded in the Voucher Register and the voucher filed in the Unpaid File.
Steps in a Voucher System!3. Once the voucher is approved or payment, which
is usually on its due date, a check is prepared with two signatories signing it. The date and check number are copied in the voucher. Then it is recorded in another book called the Check Register. The voucher is file in the paid file after the check is delivered to the payeeand the invoice or statement of account marked “paid” to avoid duplication of payment. It is advisable that the check be issued in the name of the payee and directly delivered or mailed to the payee.
Purchase with Down Payment
If the term of the purchase requires a down payment, then two vouchers should be
prepared, one for the down payment and another one for the balance. Both will be recorded in the voucher register with the
first voucher paid and recorded in the check register.
Purchase with a Note
If the term of the purchase requires a promissory note, then record the note in the general journal. On payment date, record the note including the interest to the vouchers payable column and sundry column in the
voucher register then record payment in the check register.
Purchase Payable in Installments
If the term of the purchase is payable in installments, create as many vouchers as there are installment payments to be made and record each one in the voucher register
with separate voucher numbers.
Purchase with a DiscountA cash discount for a merchandise purchase is recorded and taken when the account is paid
within he discount period. The purchase discount account it found in the check register.
If the discount is for furniture or equipment, which is not the line of merchandise, then the
discount is credited to the furniture or equipment account itself and recorded in the
general journal.