Principles of Accounting II Asst Prof Dr Panchat

Principles of Accounting II Asst. Prof. Dr. Panchat Akarak p. thipnew 1@hotmail. com School of Accounting Chiang Rai Rajabhat University Principles of accounting II 1

The Voucher System Outline 1. The Voucher System Principles of accounting II 2

The Voucher System Learning Objectives 1. Describe the operation of the voucher system, and 2. Recorded entries in its, the check register and the voucher register. Principles of accounting II 3

The Voucher System • A Voucher system is a set of procedures, special journals, and authorization forms designed to provide control over cash payments. Principles of accounting II 4

Procedures for Preparing A Voucher • A. Basic data are entered on the voucher from the invoice. • B. The invoice, voucher, and receiving report undergo careful examination before the voucher receives approval or disapproval for payment. • C. The accounting department notes on the voucher the proper debits and credits, • D. Proper entries are made in the voucher register, and the voucher is filed in the unpaid voucher file. Principles of accounting II 5

Special Journals Used • A voucher register is a multicolumn special journal having a special debit for accounts most frequently debited when a liability is incurred. • A. The credit for all entries into the voucher register is to Vouchers Payable. • B. After the voucher is entered in the voucher register, it is filed in the unpaid vouchers file. Principles of accounting II 6

Special Journals Used • C. When the voucher is paid, it is filed in the paid vouchers file and the payment date and check number are inserted in the proper columns in the voucher register. • A check register is a special journal showing all checks issued, listed by date and check number. Principles of accounting II 7

Special Journals Used • 1. Separate columns would be needed for the debit to Vouchers Payable and the credit to Cash since the dollar amounts posted to these two accounts would differ by the amount of the discount taken. • 2. An alternative system is to enter the invoices net of discount in the Vouchers Register. Principles of accounting II 8

Procedures for Paying a Voucher • When a voucher is due for payment, it is removed from the unpaid voucher file and a check is prepared for the amount payable. • A. The treasurer usually receives the prepared check, voucher, and supporting documents. • B. If the treasurer approves the payment, the check is signed and mailed. • C. The voucher is then returned to the accounting department. Principles of accounting II 9

Files Maintained in a Voucher System • An unpaid voucher file and a paid voucher file are maintained in a voucher system. • A. Unpaid vouchers are filed according to their due dates; if the credit terms run from the end of the month, the invoices of each creditor are included in one voucher and then filed by due date. • B. The paid voucher file is filed by voucher number in numerical order and contains all vouchers which have been paid. Principles of accounting II 10

Voucher System Summarizes • 1. Prepared Invoice in the voucher set. • 2. Recorded in Voucher Register Dr. Expense/Assets xx Cr. Voucher Payable xx • 3. filed in the unpaid vouchers file: filed by due date. • 4. Prepared Check and Recorded for Voucher due date. Recorded in Check Register Dr. Voucher Payable xx Cr. Cash xx • 5. filed in the paid vouchers : filed by voucher number and Stamped “Paid”. 11 Principles of accounting II

Voucher Register Date Voucher No. Payee Vouchers Date Check Payable Paid No. Cr. Merchandise Transpor Purchases tation-in Discounts Dr. Lost Dr. Other Accounts Debit Account Name No. Amount 12 Principles of accounting II

Voucher System Summarizes • 1. Prepared Invoice in the voucher set. • 2. Recorded in Voucher Register Dr. Expense/Assets xx Cr. Voucher Payable xx • 3. filed in the unpaid vouchers file: filed by due date. • 4. Prepared Check and Recorded for Voucher due date. Recorded in Check Register Dr. Voucher Payable xx Cr. Cash xx • 5. filed in the paid vouchers : filed by voucher number and Stamped “Paid”. 13 Principles of accounting II

Check Register Date Payee Vouchers Voucher Check Payable No. Dr. 1 2 3 4 5 6 7 8 9 Principles of accounting II Cash Cr. 14

ตวอยาง ใบสำคญจาย Principles of accounting II 19

Voucher Register page…. Date Voucher No. Date Check Vouchers Paid No. Payable Cr. Payee Merchandise Transpor Discounts Purchases tation-in Lost Other Accounts Debit Dr. Account Name No. Amount Dr. Principles of accounting II 23

Check Register page…. Date Payee Voucher Cheques No. Principles of accounting II Dr. Cr. Vouchers payable Cash Discounts 27

Example • Record the following transactions in the proper register: Jan 1 Prepared voucher no. 1 -01 payable to Somsak for advertising expense, $50. 5 Prepared voucher no. 1 -02 payable to Somjai for merchandise, $90, terms 2/10, n/30. 7 Issued check no 123456 in payment of voucher no. 1 -01. 10 Prepared voucher no. 1 -03 payable to Joy for merchandise, $35. terms 2/10, n/30. 15 issued check no. 123457 in payment of voucher no. 1 -02 19 Issued check no 123458 in payment of voucher no. 1 -03. 25 Prepared voucher no. 1 -04 payable to Joe for rent exp. $20 30 Prepared voucher no. 1 -05 payable to employee salaries exp. $60. 31 Prepared voucher no. 1 -06 payable to Va. Va for Transportation in, $10. 30 Principles of accounting II

Voucher Register 1 Date Voucher No. Payee 2017 Vouchers Date Check Payable Paid No. Cr. page Merchandise Transpor Purchases tation-in Dr. Other Accounts Debit Dr. Account Name No. Amoun t 50. - 90. - Advertising 504 exp. 35. - Jan 1 1. 01 Somsak 5 1 -02 Somjai 10 1 -03 Joy 25 1 -04 Joe 20. - Rent exp. 505 20 - 30 1 -05 Salaries 60. - Salaries exp. 506 60. - 31 1 -06 Va. Va 10. - 265. - 120. - 10. - (201) (501) Principles of accounting II 50. (502) 31

Check Register page 1 Date Payee Voucher Cheques No. Dr. Cr. Vouchers payable Cash Discounts 2017 Jan 7 Somsak 1 -01 123456 50. - 15 Somjai 1 -02 123457 90. - 88. 2 1. 80 19 Joy 1 -03 123458 35. - 34. 3 0. 70 175. - 172. 50 (201) Principles of accounting II (101) (503) 32

Posted to GL Cash No Description Debit Descriptio Credit Date PR. s amount ns amount 25 x 9 xxx - Jan. Balance 1 Jan. Check 31 Register Principles of accounting II CR 1. 172 5 33

Posted to GL Voucher Payable N Debit Credit Date Descriptions PR. amoun t t 25 x 9 Jan. Check 31 Register VR 175 - Jan. Voucher 1. 31 Register -. 90 Principles of accounting II VR 1. 265 34

Posted to GL Merchandise Purchases No. 50 Debit Descriptio Credit Date Descriptions PR. Date PR. amount ns amount 25 x 9 Jan. Voucher 31 Register VR. 120 1 Principles of accounting II 35

Posted to GL Transportation In No. 50 Debit Descriptio Credit Date Descriptions PR. Date PR. amount ns amount 25 x 9 Jan. Voucher 31 Register VR. 1 10 - Principles of accounting II 36

Posted to GL Purchase Discount No. 50 Credit Description Debit Date PR. Date Descriptions PR. amoun s amount t 25 x 9 Jan. Check 31 Register Principles of accounting II CR. 1 2 5 37

Posted to GL Advertising exp. No. 5 Debit Descriptio Credit Date Descriptions PR. Date PR. amount ns amount 25 x 9 Jan. Voucher 1 Register VR. 1 50 - Principles of accounting II 38

Posted to GL Rent exp. No. 505 Debit Descriptio Credit Date Descriptions PR. Date PR. amount ns amount 25 x 9 Jan. Voucher 25 Register VR. 1 20 - Principles of accounting II 39

Posted to GL Salaries exp. No. 50 Debit Descriptio Credit Date Descriptions PR. Date PR. amount ns amount 25 x 9 Jan. Voucher 30 Register VR. 1 60 - Principles of accounting II 40

Voucher Payable files • filed in the unpaid vouchers file: filed by due date. Voucher No. Payee Amount no. 1 -04 Joe $20 no. 1 -05 salaries exp. $60 no. 1 -06 Va. Va $10 total $90 Principles of accounting II 41

The End Thank you for your Attention Q & A Principles of accounting II 42