Credit Voucher Format

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Credit Voucher Format

What is a Credit Voucher?

Definition of Credit Voucher

When a payment is made, a credit voucher is a transaction record containing money value, including cash payments. A credit voucher documents a payment made with cash or a check. If we receive cash from someone, credit vouchers are prepared.

There are two types of credit or receipt vouchers;

Bank credit/receipt voucher: This document shows that money has been received.
Cash credit/receipt voucher: This document certifies receiving a check or DD (demand draft).

These documents, prepared for transactions involving cash receipts, state that all accounts for which cash is received are to be credited. Credit vouchers offer official proof of cash receipts. Different business cash receipts are recorded on the vouchers.

A credit voucher, which includes cash payments, is a transaction record created when a payment is made. A voucher essentially serves as a record of a payment made with cash or a check. The credit voucher is also known as a receipt voucher.

Examples of credit vouchers: Sale of Goods for cash; Sale of fixed assets or investment for cash; Amount received on sale of goods, etc.

Associated Document with Credit Voucher:

Cash receipt: It can be a cheque, cash or bank transfer. Similar to debit vouchers, we need to have a copy of supporting documents to prove that cash is already received.

Contract: The copy contract should be attached for transactions such as capital injection and construction revenue.

Advantages of Credit Voucher:

The supporting document that certifies the company has received money from its client, bank, or other parties is a credit or receipt voucher. Receipt vouchers are used by some businesses to keep track of specific sales transactions. A credit voucher system may seem tedious and time-consuming, but it has many advantages.

  • Invoices, receipts, and orders must all be attached to maintain a credit voucher system. Thus, it is crucial for the accuracy of documents.
  • Credit vouchers are numbered to ensure that there are no errors, that all funds are in their proper places, and that records are kept correctly.
  • Because credit vouchers are simple to locate, complete, and valid, bookkeeping is expedited. Additionally, a record entry is made automatically if credit vouchers are computerised.
  • Vouchers become even more crucial when an audit is carried out. The legal requirement is for public companies to undergo an audit process verifying the financial statements information.
  • The auditor's responsibility is to ensure that the company receives all the products or services. As a result, the company's payments are justified and supported by vouchers.
  • The purpose of vouchers is to reduce the likelihood of employee misconduct and discourage them from organising theft actions.
  • The vouchers create a paper trail that names every party involved in that transaction and their roles. When things are done this way, it is easier to identify who is responsible for what.
  • Due to their nature, credit vouchers and guarantee documents are organised neatly. Error reduction also reduces the need for costly audits and reviews. Therefore, adopting a credit voucher system lessens the requirement for review and audit.

Duties of Accountant in respect of preparation of credit voucher:

Duties of Credit Voucher Formats

The foundation of the entire accounting system is the voucher. While creating the vouchers, the accountant needs to exercise extreme caution. The first document in the accounting system is a voucher. Every detail will be incorrect if a mistake is made while creating the voucher.

As a result, an accountant must follow the steps below when creating the vouchers:

  • Thoroughly verify the supporting documents regarding date, amount, nature of transactions, etc.
  • An appropriate authority must approve the supporting documents.
  • Select the type of voucher to be prepared for the transaction.
  • The accountant must have a thorough knowledge of accounting rules.
  • Ensure that the total debit and credit sides of the voucher are equal.
  • The accountant must have good command over the various accounting heads which are supposed to be debited or credited.

Components of a Credit Voucher:

Source documents like challans, counterfoils, cheque books, receipts, bank deposit slips, bills, cash memos, and other information are used to prepare credit vouchers. The source documents attest to the existence of such transactions and are pertinent to the financial transaction.

A voucher typically contains the following data and information:

  • Voucher number
  • Date of credit vouchers
  • Particulars column- It includes a brief description of the record of the transaction
  • Identification Number of the supplier
  • The amount payable in words and figures
  • Column for total
  • The due date for payment
  • Name of the account under which liability is created
  • Terms and conditions for a discount or other schemes
  • Approval stamp and signature of accountant
  • Authorised signature of the higher authority
  • Receiver's signature

Difference Between Credit Voucher and Invoice:

Credit Voucher vs Invoice

The company uses a credit voucher as a record-keeping tool for accounting. The seller issues the buyer with an invoice and a written commercial document.

An invoice is generated at the time of a sale. The creation of the voucher, however, only takes place after three documents have been matched. These documents include the purchase order, the invoice, and the receiving report.

The fact that a voucher has been issued implies that the invoice has been accepted. It also attests to the company's intent to pay the invoice. Therefore, we can say that the coupon is dependent upon the invoice.

Vouchers provide authentication for the transactions listed in the books of accounts. In contrast, an invoice serves as the basis for creating vouchers.

Supporting documents for preparation of credit voucher:

  • The company's invoice that the supplier receives.
  • The supplier's information, including name, address, and phone number.
  • The payment information, such as the total, any discounts, or the deadline for payment.
  • The information about the first purchase order the business had placed with the supplier.
  • The transactional receipt attesting to the fact that the business received the goods or services specified in the invoice.
  • the specifics of the ledger accounts involved in that transaction in question.
  • the receipt of payment and the authorised signatory of the business attesting to the purchase of goods or services.
  • The payment evidence that is included in the voucher's supporting documentation.

Benefits of Using the Vyapar App to Make Credit Vouchers:

Benefits of Using Credit Vouchers Format

Life-Long Free Basic Usage:

Our business accounting software's essential features are free. Android users can use the free services to use the app's available credit voucher formats.

If you sign up and download the accounting app free from the Play Store, you can use it without spending any money. However, the premium features and desktop applications can be accessed by a company through a subscription.

After each transaction, you and your client will receive a free SMS containing transaction details, such as the credit and debit values. It keeps the parties in communication and agreement.

Flexible and Saves Time:

A business needs easy-to-use automated software to create credit vouchers and send them to customers. Similarly, they need to accept payments efficiently and accurately. Automatic payment processing software by Vyapar helps make the process simple.

The Vyapar credit voucher maker app includes all the necessary calculation tools. The company saves numerous hours of manual labour. It also ensures that your records are continuously updated with accurate information.

Instead of worrying about accounting, the company can concentrate on managing its objectives. Processing payments requires flexibility as well. Transactions are processed quickly and easily by our Vyapar app.

Automatic Data Backup:

Maintain the security of your data by creating local, external, or online Google Drive backups. Vyapar encrypts data to increase security. Using Vyapar, the data used for creating credit vouchers are never compromised.

Vyapar GST billing software provides hassle-free backups with its "auto-backup" feature. When this Mode is activated, Vyapar creates a backup automatically each day.

Your company's data is not accessible to any team members at Vyapar. You can make data backups that suit your needs and add to your data's security by utilising various backup options.

Various Payment Options:

Accept all electronic payment methods and make it simple for current and potential customers to pay online using their chosen payment option. Using credit voucher formats by Vyapar, you can include all payment options for your customers.

The Vyapar app allows you to send customers vouchers via email and Whatsapp. All accepted payment methods include cash, credit cards, debit cards, UPI, NEFT, RTGS, QR codes, e-wallets, pay later options, and others.

People value convenience, and the most crucial convenience you can provide is letting them pay you however they prefer. You can create expert invoices with various payment options using Vyapar.

Easy Business Management:

You can manage all of your credit vouchers from one place using the Vyapar app. It can assist you in keeping track of unpaid invoices and serve as a reminder to clients.

You can ensure all open orders are delivered on time by tracking them all. Using the Vyapar credit voucher maker app, you can enhance your company's reputation and create a professional sales invoice for your clients.

The application allows sellers to control all accounting requirements from a single location. Because you can access all essential features in a single app via the business dashboard, the app allows you to manage your projects effectively.

Build a Positive Image:

You can improve customers' perceptions of your brand by sending them professionally created using credit voucher formats by Vyapar. You can also make all relevant information about the transaction available to build trust.

The Vyapar credit Voucher Format generator app can help establish a credible brand. Using a personalised tax-deductible credit voucher will help you stand out from the crowd.

Customers trust the custom-built quote because it contains all the information necessary to complete a transaction. Data may include discounts, taxes, purchase conditions, and product or service descriptions.

Helpful Features of Vyapar App for Small Businesses

Features of Credit Vouchers Format

Bank Accounts:

Online and offline payments can be added, managed, and tracked quickly for businesses. You can send and receive money and conduct bank-to-bank transfers using bank accounts.

A business account must be added to your bank using Vyapar before you can use bank accounts in the app. Using the Vyapar app, managing credit cards, OD, and loan accounts is simple.

It is the best method for easily maintaining a complete bank account book. Additionally, it enables effortless withdrawals and deposits into bank accounts.

From their mobile device, users can access the free credit voucher format wherever there is internet connectivity. You can manage cheque payments and manually adjust the amount with the aid of Vyapar.

Track Orders:

With the help of our credit voucher generator, creating sales or purchase orders is simple. It is easy to set up a due date for tracking orders.

With the assistance of this GST Accounting and Billing Software, we get an automatic stock adjustment. It ensures the availability of inventory items.

The ability to track orders is crucial for completing them on time. Tracking stops unnecessary losses. You may be able to use the time you would have spent searching for other routine tasks.

Our credit voucher maker app makes it easier to improve your purchase/sale order. The Vyapar app offers several options, including Excel, Word, and PDF.

GST Invoicing / Billing:

Using free billing software with GST, business owners could efficiently complete various tasks, such as filing GST returns and managing inventory, invoicing, and billing.

Our free accounting app allows businesses to customise the fields to meet their specific requirements. You can quickly create GST invoices for your customers using the app, print them, and share them.

For bills you can create using our GST Software for billing, it is typically advised to use the GST invoice format. You can speed up the billing process with the aid of the barcode scanner.

The free GST mobile app creates multiple parties to manage every client effectively. The Vyapar app allows any business to identify any past-due payments quickly.

Online store:

Set up your online store using the Vyapar GST billing software within a few hours. You can list every product or service you provide to customers in online directories.

With the help of Vyapar, you can present a catalogue of all the products and services you provide, increasing your online sales. Using the features of an online store is free.

The link you provide to your customers enables them to place orders with you online and pick up their purchases from your physical store.

Offering doorstep or pick-up services from your company using your credit voucher generator is the best way to help everyone in your neighbourhood.

Plan your inventory space:

Inventory management is essential for companies that sell a wide range of goods. In these situations, our free credit voucher maker app is helpful. You can keep track of the merchandise that is on hand in your store using the inventory management features in the credit voucher maker app.

You can set up low inventory alerts with our credit voucher generator to place advance orders and look out for theft. Routine inspections can help find inventory mismatches.

You can manage the items in your warehouse perfectly with a professional tool. Removing the items you no longer need can assist you in organising your space and saving space.

Using the best credit voucher generator, you can create sales reports and comprehend how much inventory is ideal based on last year's sales and current trends.

Receivables and Payable:

Users can seamlessly maintain all transaction details and keep track of the company's cash flow with the help of the credit voucher generator app. Your method for safeguarding the specifics of your transactions has improved.

You can keep track of the party's receivables and payables in the dashboard section of the credit voucher maker app. In the dashboard, you can check who neglected to pay you back easily.

You can set payment reminders to ensure that these customers pay their debts on time. Any party can get free email, SMS, and WhatsApp payment reminders.

Additionally, you can save time by using the bulk payment reminder feature to send payment reminders to all of your customers at once. The automatic credit voucher generator performs calculations.

Download Credit Voucher Format

Credit Voucher Format in Excel

Credit Voucher Format in Word

Credit Voucher Format in PDF

Credit Voucher Format in Google Docs

Credit Voucher Format in Google Sheets

Frequently Asked Questions(FAQS)

What is a Credit Voucher Example?

Credit vouchers serve as the official record of cash receipts. These vouchers are made to track different types of business-related cash receipts. Credit voucher examples: Cash received from debtors; sale of goods for cash; sale of investments or fixed assets for cash, etc.

What is the Format of a Cash Voucher?

The cash voucher form should have spaces for the name of the cash recipient, their initials, the sum of money sent, the date, the reason for the transfer, and the account code to which you should charge the money.

How Do I Create a Credit Voucher?

Select a template that suits your needs. Customise and fill in all the necessary details. Use your brand's name and mention details about goods and services. Save the format for future reference.

What is a Credit Voucher Invoice?

A credit voucher serves as proof of a cash or cheque payment. Credit vouchers are made if someone gives us cash.

How Do I Use a Credit Voucher?

A credit voucher includes the amount of money used to purchase it at the time of purchase. It cannot be traded for cash and has no cash redemption value.