A journal voucher, also known as a journal entry voucher or accounting voucher, is a document used in accounting to authenticate or approve a financial transaction before it is recorded in the books. It provides a written record of the transaction and includes details such as:
- The date of the transaction
- The account(s) to be debited and credited
- The amount of the debit and credit
- A brief description of the transaction
- Signatures or approval from authorized personnel
Journal vouchers serve as an important internal control measure, helping to ensure that transactions are valid, approved, and recorded accurately. They can be used for a wide variety of transactions, including adjusting entries, accruals, payments, receipts, and transfers between accounts.
The format and specifics of a journal voucher can vary based on the organization’s specific procedures and the accounting system in use. After a journal voucher has been approved, the information it contains is used to prepare a journal entry, which is then posted to the organization’s general ledger.
Example of a Journal Voucher
Let’s consider a scenario where a company, Sunshine Corp., makes a purchase of office supplies worth $200 on July 10, 2023. The transaction is paid in cash.
The journal voucher for this transaction would include the following information:
- Date of the Transaction: July 10, 2023
- Accounts Involved: Office Supplies Expense (to be debited), Cash (to be credited)
- Amount: $200
- Description of the Transaction: Purchase of office supplies
- Authorization: Signature or approval from an authorized person
This information would be used to make the following journal entry in Sunshine Corp.’s accounting system:
|Office Supplies Expense
This journal voucher is kept as a record of the transaction. If anyone later reviews this journal entry and needs more information about why it was made or who approved it, they could refer back to this journal voucher.
Please note that the exact format of a journal voucher can vary based on the company’s specific procedures and the accounting system in use. But generally, it will include the key information listed above.