What is a Cash Voucher?
Cash Vouchers or cash voucher receipts help record your withdrawals from the petty cash. This is to document the cash that's going in and out and for what purpose. It is usually handled monitored or handled by the Accounting Department. If you have incurred expenses that concern the company, you can ask for a reimbursement. Staple the receipt into the cash voucher for transparency purposes.
On some occasions, a cash voucher can also be proof that one party promises to pay someone whom she/he is indebted to. A copy is kept between these two parties. The deadline for payment varies either.
How to Create a Cash Voucher
There are various cash voucher formats available online. You can gather ideas from the results if you want to create your own but if not, download your own blank cash voucher samples. Below, we will provide you tips on how to create one.
1. Impose Policies Regarding Petty Cash
Some individuals may get abusive when it comes to finances. To prevent this, set up petty cash policies. These policies include assigning someone who will take care of the transactions, a required monthly reconciliation, requiring a receipt for purchases made, and so on. Make these clear with everyone to avoid complications.
2. Come Up With Your Own Design
You can get ideas from tons of cash voucher formats online. Find one that suits your preferences and improvise. You can create this with Microsoft Word or any other program you deem convenient.
3. Provide the Necessary Information
These include the date, the name of the individual and his/her reason for withdrawal or reimbursement, and the signature. This will be for tracking and documentation purposes. This will become essential in case there are any discrepancies in the future.
4. Create at Least Two Copies
Create at least two copies of the cash voucher in case your boss asks for his/her own copy. This way, you'll still be able to monitor the transactions without pestering your boss.
5. Log the Cash Inflow and Outflow
This tip is quite similar to the third one in terms of content. Except this one is more comprehensive. It includes the date and information on when the petty cash was reconciled, the name and signature of the person who approved it, and so on. You can create an excel spreadsheet and sort them into debit and credit.
6. Secure Your Petty Cash and Voucher in A Box
There are different things to consider when purchasing a box for your petty cash. This includes style, color, size, and security features. It should contain a lock, a removable tray where you can store your cash vouchers and coins, and a color that can blend in with the surroundings. One perfect place to store your box is in a locked drawer.