Voucher System and Budgeting

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Chapter 4

• Voucher System and Budgeting

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Voucher System

• Implements specific procedures for controlling
  cash disbursements.
• Example All cash disbursement (except possible
  petty cash) are paid by CHECK
• Example A written authorization is required for
  each cash disbursement
• Example A consecutive numbers are assigned to
  each voucher to help control disbursements.

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VOUCHER PAYABLE is used

• Rather than a Accounts Payable (A/P)

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Purchase of Merchandise
V.P. Voucher Payable
Mrch Inv.Dr.
Purchase of NON-Merchandise
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CHECKS .

• Are generated for each vendor in payment of
  VOUCHERS owed (See next slide)
• When the check appears on the screen, please

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CHECKS .

• Are generated for each vendor in payment of
  VOUCHERS owed (See next slide)
• When the check appears on the screen, please DO
  NOT PRINT them. Just press ENTER (or CLOSE) to
  get rid of it from the screen.

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Budgets

• A BUDGET is a financial PLAN for the future,
  developed for a specific period of time.
• Typically, a budget is used for Income Statement
  accounts only.

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Budgets..continued
Click Tasks Select Budgets tab
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