Financial Accounting - Lesson 5.9 - Cash Payment Activities - Voucher Systems

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[@joaodutrakyawaung7222]

I learned that the voucher system tells am evidence-based story for each payment journey: from when the product or service is initially requested by someone who needs it, to the final approval through the Company Check or EFT. Very clear and useful, thank you for sharing, Mr Lee!

[@user-zz5og2lf7p]

Thank you for this explanation. The book financial accounting (IFRS) covers this topic with zero context, glad you were so clear.

[@ranjanadissanayaka5390]

Extremely useful, thanks you so much.

[@artness2012]

Thank you Sir Patrick Lee. Well explained

[@PatrickLeeCPA]

Thanks for watching. I hope my other lessons are just as helpful. - Patrick

[@loganwillans4035]

Good job! You explained this very clearly.

[@PatrickLeeCPA]

Glad it was helpful! Thanks for watching!

[@amalqader9029]

Thank you

[@PatrickLeeCPA]

You're welcome

[@aabbe762]

So voucher is not a unique, single or specific paper ?

[@PatrickLeeCPA]

Correct. It's more like a concept than it is a specific paper. You need "these documents" to process a check or payment.

[@jedianique]

BUNDIA JEAN A.
BSOA 1
Learning is fun when you take your heart and brain in it. Indeed I've learn more based on this video. Through voucher system, it is one way we can ensure that payment is made correctly. Now I already know that a voucher system is an approval system that is based on a series of documents, a processes that is used to provide evidence of a payment requisition. Learning about the documents that are prepared or received in the voucher system. The purchase requisition that establish responsibility, purchase order that restrict access, receiving report which includes the document procedures and segregation of duties, the supplier invoice which independently verify and its document procedures. The last one is the company check which follows with the document procedures, verify and segregation of duties. Most importantly to knowing that a voucher system provides a robust way to ensure payments are made for services and products the company receives. That's what I've understood about this video. Thank you for sharing.

[@rolfzianra1995]

I want more voucher papers show

[@PatrickLeeCPA]

Not enough time to do so in this video, but in the Accounting Information Systems course, I think I have more of that, but for financial accounting, we just don't cover it as much. - Patrick