CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Vouchers and Voucher...
-
Upload
leila-sikes -
Category
Documents
-
view
218 -
download
0
Transcript of CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Vouchers and Voucher...
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 5-1LESSON 5-1
Vouchers and Voucher Registers
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Info on Unit 2Info 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
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
A Voucher System – General InfoA 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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
A Voucher System – General InfoA 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
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
A Voucher System – General InfoA 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
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
A Voucher System – General InfoA 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.)
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
7
LESSON 5-1
TERMS REVIEWTERMS 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
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
8
LESSON 5-1
VERIFYING AN INVOICEVERIFYING AN INVOICE page 145
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
9
LESSON 5-1
A VOUCHERA 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
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
10
LESSON 5-1
PREPARING A VOUCHER PREPARING A VOUCHER FROM AN INVOICEFROM AN INVOICE page 146
Section 1—Payee InformationSection 1—Payee Information
Section 2—Accounts AffectedSection 2—Accounts Affected
Section 3—Voucher ApprovalSection 3—Voucher Approval
Section 4—Information about where the voucher is recordedSection 4—Information about where the voucher is recorded
Section 5—Information about the payment of the voucherSection 5—Information about the payment of the voucher
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 REGISTERVOUCHER REGISTER pages 147 and 148
11 22 33 5544
August 1. Purchased merchandise on account from O’Riley Company, $3,500.00. Voucher No. 647.
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 REGISTERVOUCHER REGISTER page 147 and 148
11 22 33 44
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.
55
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 5-2LESSON 5-2
Voucher Check and Check Registers
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
14
LESSON 5-2
TERMS REVIEWTERMS 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
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 CHECKPREPARING A VOUCHER CHECK page 150
66
11
22
44
55
33
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 PAYMENTSJOURNALIZING CASH PAYMENTS page 151
11 2233
44 55 66 77
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
17
LESSON 5-2
PROVING, RULING, AND PROVING, RULING, AND POSTING A CHECK REGISTERPOSTING A CHECK REGISTER page 152
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
18
LESSON 5-2
STARTING A NEW PAGE STARTING A NEW PAGE OF A CHECK REGISTEROF A CHECK REGISTER page 152
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 5-3LESSON 5-3
Selected Transactions in a Voucher System
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
20
LESSON 5-3
PURCHASES RETURNS AND PURCHASES RETURNS AND ALLOWANCESALLOWANCES 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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
21
LESSON 5-3
RECORDING PAYROLL IN A RECORDING PAYROLL IN A VOUCHER REGISTERVOUCHER REGISTER pages 156 and 157
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
22
LESSON 5-3
A PAYROLL VOUCHERA PAYROLL VOUCHER page 156
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
23
LESSON 5-3
ADVANTAGES OF A VOUCHER ADVANTAGES OF A VOUCHER SYSTEMSYSTEM
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