hi,plz help me
This query is : Resolved
15 October 2009
i have a few queries plz answer and send this to my email id
sandy.p76@gmail.com. i am a b.com . q1 how do you pass a bill of purchase and sales bill?
q2 how do you come to know that u have received material in the company .from which are all the documents plz mention?
q3 plz little mention preparing all the vouchers in company if i am preparing a cash voucher of rs50 Is iT correct
sandy.p76@gmail.com. i am a b.com . q1 how do you pass a bill of purchase and sales bill?
q2 how do you come to know that u have received material in the company .from which are all the documents plz mention?
q3 plz little mention preparing all the vouchers in company if i am preparing a cash voucher of rs50 Is iT correct
15 October 2009
1. On the baiss of vendor bill
2. on the baiss of Delivery challan
3. no min or max limit
2. on the baiss of Delivery challan
3. no min or max limit
16 October 2009
Q 1: Bill of purchase: To pass an entry the following will be supporting documents a)Purchase order b) Goods received notes c) Quality inspection report d) Supplier Invoice. Generally purchases will be journal entry in books (if the purchases are not cash purchases).
Bill of sales: To pass an entry the following will be supporting documents a) Sales Invoice.Generally sales will be journal entry in books (if the sales are not cash sales).
Q 2: On the basis of gate pass and GRN/MRN isuued by factory personnel.
Q 3: Cash voucher, Bank voucher, Journal voucher, Debit note, Credit note, Contra.
Bill of sales: To pass an entry the following will be supporting documents a) Sales Invoice.Generally sales will be journal entry in books (if the sales are not cash sales).
Q 2: On the basis of gate pass and GRN/MRN isuued by factory personnel.
Q 3: Cash voucher, Bank voucher, Journal voucher, Debit note, Credit note, Contra.
16 October 2009
HI,
Friends Many Many thanks to Mr Prakash somania and Mr Sreedhar Atchutuni for solving my queries.IF someone can explain me more about Vouchers preparationin the factory . What are the main points i should consider when i am preparing Vouchers.
Thank you
Friends Many Many thanks to Mr Prakash somania and Mr Sreedhar Atchutuni for solving my queries.IF someone can explain me more about Vouchers preparationin the factory . What are the main points i should consider when i am preparing Vouchers.
Thank you
28 July 2024
Preparing vouchers in a factory involves documenting and recording financial transactions in a systematic and accurate manner. Vouchers serve as evidence of transactions and are essential for maintaining accurate financial records, ensuring proper internal controls, and facilitating audits. Here’s a detailed explanation of the key points to consider when preparing vouchers:
### **Key Points for Preparing Vouchers**
#### 1. **Understanding the Purpose of Vouchers**
- **Documentation**: Vouchers serve as official documents for financial transactions. They provide proof of expenditures, receipts, and adjustments.
- **Verification**: They help in verifying the authenticity of transactions by ensuring that all required approvals and supporting documents are in place.
- **Audit Trail**: Vouchers create an audit trail, which is useful for internal and external audits.
#### 2. **Types of Vouchers**
- **Payment Voucher**: Used to document payments made by the company, such as to suppliers or employees.
- **Receipt Voucher**: Used to record incoming funds received by the company, such as from customers or other sources.
- **Journal Voucher**: Used for transactions that do not involve cash or bank, such as adjustments, transfers, and entries for accruals.
- **Purchase Voucher**: Used for recording the purchase of goods or services.
- **Sales Voucher**: Used for recording sales transactions.
#### 3. **Components of a Voucher**
1. **Voucher Number**: A unique identifier for each voucher, ensuring sequential order and easy tracking.
2. **Date**: The date on which the transaction occurred.
3. **Details of Transaction**:
- **For Payment Vouchers**: Payee’s name, amount, mode of payment, and purpose.
- **For Receipt Vouchers**: Payer’s name, amount, mode of receipt, and purpose.
4. **Accounts Affected**: Identification of debit and credit accounts impacted by the transaction.
5. **Supporting Documents**: Attach relevant documents such as invoices, bills, receipts, and purchase orders.
6. **Authorization**: Signature or approval of the person authorized to approve the transaction.
7. **Description/Narration**: A brief description or narration of the transaction for clarity.
#### 4. **Preparation Process**
1. **Collect Supporting Documents**: Gather all necessary documents related to the transaction, such as invoices, receipts, and contracts.
2. **Record the Transaction**: Enter the details into the voucher, ensuring all required fields are completed accurately.
3. **Review and Verify**: Cross-check the voucher details with the supporting documents and ensure accuracy.
4. **Authorization**: Obtain necessary approvals from authorized personnel before processing the transaction.
5. **Enter into Accounting System**: Record the voucher details in the accounting software or ledger.
6. **File and Archive**: Properly file and store vouchers and supporting documents for future reference and audit purposes.
#### 5. **Internal Controls**
- **Segregation of Duties**: Ensure that different individuals handle voucher preparation, approval, and recording to minimize errors and fraud.
- **Regular Reconciliation**: Periodically reconcile vouchers with bank statements and other records to ensure accuracy.
- **Audit Trail**: Maintain a clear audit trail by ensuring vouchers are numbered sequentially and matched with supporting documents.
- **Compliance**: Adhere to company policies and accounting standards while preparing and handling vouchers.
#### 6. **Best Practices**
- **Accuracy**: Ensure all information is accurate and complete to avoid discrepancies.
- **Timeliness**: Prepare and record vouchers promptly to reflect transactions in the correct accounting period.
- **Security**: Protect sensitive information and ensure that access to vouchers is restricted to authorized personnel.
### **Example of Voucher Preparation**
**Payment Voucher Example:**
- **Voucher Number**: PV-001
- **Date**: 10th July 2024
- **Payee**: ABC Supplies Ltd.
- **Amount**: ₹25,000
- **Mode of Payment**: Bank Transfer
- **Purpose**: Payment for raw materials purchased
- **Accounts Affected**:
- Debit: Raw Material Expense ₹25,000
- Credit: Bank Account ₹25,000
- **Supporting Documents**: Invoice No. INV-123
- **Authorization**: Signed by Finance Manager
- **Description/Narration**: Payment for invoice INV-123 for raw materials purchased.
By following these guidelines, you can ensure that your voucher preparation process is thorough, accurate, and compliant with financial and regulatory requirements.
### **Key Points for Preparing Vouchers**
#### 1. **Understanding the Purpose of Vouchers**
- **Documentation**: Vouchers serve as official documents for financial transactions. They provide proof of expenditures, receipts, and adjustments.
- **Verification**: They help in verifying the authenticity of transactions by ensuring that all required approvals and supporting documents are in place.
- **Audit Trail**: Vouchers create an audit trail, which is useful for internal and external audits.
#### 2. **Types of Vouchers**
- **Payment Voucher**: Used to document payments made by the company, such as to suppliers or employees.
- **Receipt Voucher**: Used to record incoming funds received by the company, such as from customers or other sources.
- **Journal Voucher**: Used for transactions that do not involve cash or bank, such as adjustments, transfers, and entries for accruals.
- **Purchase Voucher**: Used for recording the purchase of goods or services.
- **Sales Voucher**: Used for recording sales transactions.
#### 3. **Components of a Voucher**
1. **Voucher Number**: A unique identifier for each voucher, ensuring sequential order and easy tracking.
2. **Date**: The date on which the transaction occurred.
3. **Details of Transaction**:
- **For Payment Vouchers**: Payee’s name, amount, mode of payment, and purpose.
- **For Receipt Vouchers**: Payer’s name, amount, mode of receipt, and purpose.
4. **Accounts Affected**: Identification of debit and credit accounts impacted by the transaction.
5. **Supporting Documents**: Attach relevant documents such as invoices, bills, receipts, and purchase orders.
6. **Authorization**: Signature or approval of the person authorized to approve the transaction.
7. **Description/Narration**: A brief description or narration of the transaction for clarity.
#### 4. **Preparation Process**
1. **Collect Supporting Documents**: Gather all necessary documents related to the transaction, such as invoices, receipts, and contracts.
2. **Record the Transaction**: Enter the details into the voucher, ensuring all required fields are completed accurately.
3. **Review and Verify**: Cross-check the voucher details with the supporting documents and ensure accuracy.
4. **Authorization**: Obtain necessary approvals from authorized personnel before processing the transaction.
5. **Enter into Accounting System**: Record the voucher details in the accounting software or ledger.
6. **File and Archive**: Properly file and store vouchers and supporting documents for future reference and audit purposes.
#### 5. **Internal Controls**
- **Segregation of Duties**: Ensure that different individuals handle voucher preparation, approval, and recording to minimize errors and fraud.
- **Regular Reconciliation**: Periodically reconcile vouchers with bank statements and other records to ensure accuracy.
- **Audit Trail**: Maintain a clear audit trail by ensuring vouchers are numbered sequentially and matched with supporting documents.
- **Compliance**: Adhere to company policies and accounting standards while preparing and handling vouchers.
#### 6. **Best Practices**
- **Accuracy**: Ensure all information is accurate and complete to avoid discrepancies.
- **Timeliness**: Prepare and record vouchers promptly to reflect transactions in the correct accounting period.
- **Security**: Protect sensitive information and ensure that access to vouchers is restricted to authorized personnel.
### **Example of Voucher Preparation**
**Payment Voucher Example:**
- **Voucher Number**: PV-001
- **Date**: 10th July 2024
- **Payee**: ABC Supplies Ltd.
- **Amount**: ₹25,000
- **Mode of Payment**: Bank Transfer
- **Purpose**: Payment for raw materials purchased
- **Accounts Affected**:
- Debit: Raw Material Expense ₹25,000
- Credit: Bank Account ₹25,000
- **Supporting Documents**: Invoice No. INV-123
- **Authorization**: Signed by Finance Manager
- **Description/Narration**: Payment for invoice INV-123 for raw materials purchased.
By following these guidelines, you can ensure that your voucher preparation process is thorough, accurate, and compliant with financial and regulatory requirements.
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