Principles Of Accounting(会计学原理)Chapter_08.ppt

* A voucher system establishes procedures that help to verify, approve and properly record cash disbursements. A key factor in this system is that only approved departments and individuals are authorized to incur obligations in the company’s name. * In a voucher system, a purchase requisition initiates the process for a purchase. If approved, the purchase requisition triggers the issuance of a purchase order. An invoice is received from the vendor once a purchase is made. A receiving report indicates that we actually received the goods. The invoice approval indicates that we ordered the goods, we received the goods we ordered, and that we were billed for the goods we ordered and received. The invoice approval triggers the check preparation for a valid purchase. Copies of all of these documents are kept as supporting documentation for the disbursement in the voucher file. * Sometimes, a quick disbursement is needed to be made for an immediate need. Trying to go through all of the approval processes needed to have a check prepared is too time consuming and would take too long. Companies usually keep a petty cash amount on hand to use for small, immediate needs. * Part I. Here is how a petty cash system works. The company cashier processes a check for the petty cash amount and gives it to the petty cashier. Part II. The accountant makes an entry to debit Petty Cash and credit Cash for the amount of the check. * The petty cashier takes the check to the bank and cashes it. The cash is brought back and placed in a secure location. * As petty cash is needed, the petty cashier supplies the cash for the purchases. * Receipts supporting the petty cash disbursements are given to the petty cashier. * When the petty cash fund is low, the petty cashier takes the receipts to the company cashier and requests a check in that amount to replenish the petty cash fund. When the check is issued, the accountant makes an entry to debit the expenses or assets indicated on the