A voucher is a written document that acts as evidence of a financial transaction. It authorizes a payment, confirms a receipt, or records an expense. Think of it as the paper trail behind every financial move a business makes.
There are different types — a payment voucher authorizes outgoing payments, a receipt voucher records incoming money, and a journal voucher is used for non-cash adjustments. Every time you buy office supplies and get a receipt, that receipt serves as a voucher.
Vouchers are essential for internal controls and auditing. Without them, there is no way to verify whether a payment was legitimate or an expense was actually incurred.