What is Payment Voucher?
A payment voucher is a document which is used by the people and companies to prove and to keep a record of the transactions which have taken place through this voucher. A payment voucher also acts as a receipt through which people make a payment. Sometimes, the payment vouchers are also used by the several departments of an organization in order to demand the payment. The amount of money, which they want to be paid is clearly mentioned it the voucher.
The vouchers issued by the company are of a limited time period. After that time period, the voucher expires and then there is no use of that payment voucher. If the customer makes a direct purchase, then the payment voucher can be issued against his purchase with the help of which he will be able to process the money. In other words, we can say that the companies use those vouchers to facilitate their customers.
A voucher can also be regarded as an internal document which is used inside the department of the company in order to perform the organization of the documents. The main components of the payment voucher are the name of the company, a purchase order of the company, the date on which it was issued, the number of the voucher, the total price of the voucher and some other details also which are needed to make the payment voucher complete. There are many types of payment vouchers.
The single type of voucher can be sufficient for the company if the company is of small size, but as the size of the company increases, it becomes difficult for the company to use only one type of voucher and there arises a need to use more than one type of vouchers. Two main types of vouchers are bank voucher and cash voucher.
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