Basic Types of Vouchers.
The Companies of Auto Group shall use 4 (four) types of vouchers to record its financial transactions depending upon the nature and type of transactions.This is to inform you that, internal audit team will be verify related documents of cash/bank payment, cash book and software record keeping system, sample or regular basis any time. ..
Receipt voucher
Any amount received in cash, cheque, pay order, demand draft or in any other form against sales of goods & services, collection of dues, etc. shall be treated as receipt transaction and shall be recognised through Receipt Voucher.
Payment Types of Vouchers
Any amount paid by cash, cheque, draft, pay order or account transfer on account of expenditure, purchase of assets, settlement of accounts or any other payment made by the Companies shall be considered as payment transactions and shall be accounted for through Payment Types of Vouchers .
Contra Voucher
Any transfer of fund by way of cash deposit to bank, withdrawal of cash from bank, transfer of fund from one bank account to another bank account of the same or another bank shall be treated as contra transaction and shall be accounted for through Contra Voucher.
Journal Voucher
Journal Voucher shall be used for account adjustments, rectification of errors or omission and for transfer of ledger account balances.
Policy
Advances Payment Policy will be given as per rules and regulations stated below. The following activities audited by audit team properly for the month of 1, May’15 and continue is as follows;
- Cash payment voucher and keeping system;
- Bank payment vouchers and keeping system;
- Party payment through proper bank channel;
- Comply with TDS/VDS properly;
- Interim financial information;
- Non-financial information;
- Fixed assets addition and vouchers keeping system and,
- Reconciliation the Cash books register Vs. Tally software.
General
- In general, the advances can be categorized as follows:
- Advance to Staff;
- You are requested to approval the audit activities properly.
- Advance to suppliers/service provider;
Papers/Documents
Requisition for Advance. Internal audit team will observations, recommendations/suggestions and implementation comply with company policy and ISA which will be implementation day by day.
Advance to staff
- Travel advance
- Advances are made only for travel purpose to meet the cost of transportation, accommodation, food and other admissible cost associated to the travel;
- The advance requisition must be supported by approved tour program;
- Advance requisition should submit to the accounts at least two (2) working days before the journey;
- Employees will adjust the advance within 3 (three) working days after returning to the office. If the advances are not cleared within the stipulated time, the outstanding amount will be deducted from his/ her monthly salary;
- No advance will be given if the previous advances are not cleared for different Types of Vouchers
Advance for purchase
- Considering the local situation, purchase through cheque is not always possible. In those cases, cash advance will be provided for purchase of goods or services;
- Person responsible for purchases will fill out an advance requisition for and will get the form duly verified and approved by authority;
- The Types of Vouchers will be adjusted within 07 (seven) days on submission of related documents.
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