Payments are made to different parties in the business on daily basis for various purposes therefore recording them and viewing them later on is made possible by preparing a simple voucher in a specific format suitable for particular business.
To prepare accounts effectively and maintaining them in an updated form it is important to keep informed of the money transactions made daily or weekly. Updated accounts do not only provide reliability in fact it is regarded functional to make important strategic decisions.
Invoices and vouchers are given preference in the business as they provide evidence that something is paid due to items bought or services availed. Money tracking and management can easily be carried out by using these documents.
Format of simple payment voucher
Payment receipt are type of documents which show amount of money paid to other parties. Different types of vouchers are being used in business like gift vouchers, travelling gift vouchers and payment vouchers. However a payment voucher can be created in Microsoft word following simple and easy format:
- A voucher must possess a specific number which shows its identification in the form of voucher number.
- Amount which is paid through this payment voucher is specified on the template.
- Date when it is paid and when voucher is given to another party is also mentioned on template.
- Method of payment is mentioned on the voucher holding information that how the amount is paid.
Purpose of simple payment voucher
Whether it is paid through cash or check it can be determined. The voucher holds the information that who has paid the voucher and being paid to whom therefore showing the possession of money by one party. Signature shows that document is authenticated and therefore prevents disputes to arise between two parties occur because of confusion over money between multiple parties.