ZIMSEC O Level Principles of Accounts Notes: Source Documents: Vouchers

  • A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
  • Vouchers that can be defined as an instrument of a redeemable transaction type
  • which is worth a certain monetary value
  • and which may be spent only for specific reasons or on specific goods
  • Examples in business include fuel vouchers issued to management to use at the company’s fuel pump
  • Food vouchers can also be used to exchange for food at the canteen
  • There are travel vouchers, housing vouchers etc
  • A shows goods have bought or services have been rendered, authorizes payment etc
  • Sometimes when the business receives an invoice it issues a voucher to a supplier
  • This voucher is taken as internal intent to pay an external entity
  • In such cases a voucher contain detailed information regarding the payee, the monetary amount of the payment, a description of the transaction, and more
  • A voucher can also be used internally as a source document for adjustments to accounts receivables (debtors)
  • Vouchers are also used to verify the arithmetical accuracy of various books of accounts
  • Airtime vouchers are used by Mobile Network Operators to allow their customers to recharge both prepaid and post paid accounts
  • ZESA sells vouchers to customers with prepaid meters
  • Vouchers are also given away as gift cards or in competition
  • Such vouchers can only be used with a specific retailer and/or for specific goods

To access more topics go to the Principles of Accounts Notes.

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