How does a voucher payable system work? What documents are reconciled? Who prepares the voucher? How is the A/P balance determined? How does the voucher payable system improve control over cash?
In place of a standard accounts payable system, many firms use a voucher payable system. The A/P department prepares cash disbursement vouchers which are recorded in a voucher register. A clerk would reconcile purchase requisition, purchase order, receiving report, and vendor invoice. If all agree, the clerk would prepare the voucher–which vouches the need to disburse cash. This would then be approved by a superior. The sum of all open (or unpaid) vouchers is the A/P balance. Control is improved over cash disbursements because of the itemization of items on the voucher and the authorization required. Without the data and authorization, no check is prepared.
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