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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Vouchers and Voucher Registers.

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Presentation on theme: "CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Vouchers and Voucher Registers."— Presentation transcript:

1 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Vouchers and Voucher Registers

2 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Info on Unit 2 This business is not departmentalized as in Unit 1 so accounts are not divided by departments Uses Vouchers Payable instead of Accounts payable Only one Income Summary account because not departmentalized Operating expenses are divided into two categories: Selling Expenses and Administrative Expenses

3 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning A Voucher System – General Info All businesses implement procedures to control and protect their assets. Cash asset is most likely to be misused because its ownership is easily transferred. Procedures to protect cash include: Storing in safe place Making regular bank deposits Approving all cash payments Should be approved before payment to ensure the goods or services were ordered, have been received, and amount due is correct.

4 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning A Voucher System – General Info Small businesses, owner or manager approves payment Large business may have several people authorized to approve payment Many larger businesses and some small businesses use the Voucher System to control cash In a voucher system, no check can be issued without a properly authorized voucher In a voucher system, an account called Vouchers Payable replaces the account called Accounts Payable

5 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning A Voucher System – General Info On a voucher, there are three dates: Date – date voucher was prepared Due Date – when payment must be received Payment Date – when check should be written (book uses the example of writing checks 2 days before due) Some vouchers are actually envelopes in which related documents may be placed Voucher forms must be pre-numbered as another facet of the control system

6 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning A Voucher System – General Info Unpaid vouchers are filed according to Payment Date in Unpaid Vouchers File (not A/P ledger) Paid vouchers are filed according to Payee When an Invoice is checked for accuracy, a verification form is stamped on the invoice (page 146) Vouchers have 5 Parts (page 147) Payee Information Accounts Affected Voucher Approval Where the Voucher is Recorded Payment information (date, check #, etc.)

7 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 5-1 TERMS REVIEW Voucher – a business form used to show an authorized person’s approval for a cash payment voucher system – a set of procedures for controlling cash payments by preparing and approving vouchers before payments are made voucher register – a journal used to record vouchers page 149

8 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 5-1 VERIFYING AN INVOICE page 145

9 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 5-1 A VOUCHER August 1. Purchased merchandise on account from O’Riley Company, $3,500.00. Voucher No. 647. Purchases 3,500.00 Voucher’s Payable 3,500.00 page 145

10 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 10 LESSON 5-1 PREPARING A VOUCHER FROM AN INVOICE page 146 Section 1—Payee Information Section 2—Accounts Affected Section 3—Voucher Approval Section 4—Information about where the voucher is recorded Section 5—Information about the payment of the voucher

11 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 11 LESSON 5-1 1.Write date. 2.Record payee. 3.Write voucher number. 5.Record debit amount. 4.Enter credit amount. VOUCHER REGISTER pages 147 and 148 12354 August 1. Purchased merchandise on account from O’Riley Company, $3,500.00. Voucher No. 647.

12 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 12 LESSON 5-1 5.Record debit amount and write the title of the account to be debited. 4.Enter credit amount. VOUCHER REGISTER page 147 and 148 1234 August 2. Received invoice for sales miscellaneous expense from Glenhill Company, $40.00. Voucher No. 648. 1.Write date. 2.Record payee. 3.Write voucher number. 5

13 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-2 Voucher Check and Check Registers

14 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 14 LESSON 5-2 TERMS REVIEW voucher check – form used to write a check and details of the payment check register – form used to record all checks written in the voucher system page 153

15 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 15 LESSON 5-2 6.Prepare check to payee for net amount of invoice. 3.Enter amount of invoice. 4.Enter amount of discount. 5.Enter net amount. 1.Enter voucher number. 2.Enter payee’s invoice number. PREPARING A VOUCHER CHECK page 150 6 1 2 4 5 3

16 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 16 LESSON 5-2 6.Write credit amount(s). 3.Write check number. 4.Record voucher number. 5.Enter debit amount. 1.Write date. 2.Record payee. 7.Calculate and record new balance. JOURNALIZING CASH PAYMENTS page 151 12 3 4567

17 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 17 LESSON 5-2 PROVING, RULING, AND POSTING A CHECK REGISTER page 152

18 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 18 LESSON 5-2 STARTING A NEW PAGE OF A CHECK REGISTER page 152

19 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-3 Selected Transactions in a Voucher System

20 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 20 LESSON 5-3 PURCHASES RETURNS AND ALLOWANCES page 155 August 12. Issued Debit Memorandum No. 98 to Ramsey, Inc. for return of merchandise purchased, $85.00. Cancel Voucher No. 652. Voucher No. 655. 1.Cancel the original voucher. 2.Prepare a new voucher. 3.In the voucher register, reference the new voucher number. 4.Record the new voucher. 5.File the new voucher by its payment date in the unpaid vouchers file.

21 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 21 LESSON 5-3 RECORDING PAYROLL IN A VOUCHER REGISTER pages 156 and 157

22 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 22 LESSON 5-3 A PAYROLL VOUCHER page 156

23 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 23 LESSON 5-3 ADVANTAGES OF A VOUCHER SYSTEM 1. 1.Only a few people can authorize and approve all cash payments. 2. 2.A voucher jacket provides a convenient way to file invoices and related business papers for future reference. 3. 3.Unpaid vouchers are filed by their payment dates to help ensure payment of invoices within the discount periods. 4. 4.An unpaid vouchers file and a paid vouchers file eliminate posting to an accounts payable ledger. 5. 5.A paid vouchers file provides three different and easy ways to find information about a paid voucher. page 158


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