What is Credit Voucher ?
A credit voucher is a document applied in accounting that details and authorizes the reception of funds or adjustments of a company's accounts. It usually has the following: 1. Date: the date of transaction. 2. Additional Information: Purpose, party, and amount credited. 3. Account Information: Which account is to be credited. 4. Authorization: Signatures for approval. Credit vouchers in the double-entry bookkeeping system ensure accuracy in the accounting of refunds, discounts, and corrections in receipts.
Types of Vouchers
Vouchers are documents used to record and authorize financial transactions. The main types of vouchers include:
Cash Vouchers: For cash-related transactions, further divided into:
Receipt Voucher: For cash received.
Payment Voucher: For cash paid out.
Credit Vouchers: For non-cash credits, such as refunds or discounts.
Journal Vouchers: For adjustments, provisions, or transfers between accounts.
Purchase Vouchers: For purchases made on credit.
Sales Vouchers: For sales made on credit.
Each type supports accurate and systematic record-keeping in accounting systems.