What is Payment Voucher?
A payment voucher is an internal accounting document that records a payment made by a business in cash or by bank transfer. It supports the journal entry that debits the expense or liability and credits cash or bank.
How It Works
- Issue a sequentially numbered voucher for each cash or bank outflow.
- Record the date, payee name, amount, payment method, and reason.
- Attach the underlying invoice, contract, or expense claim.
- Obtain the required approvals before payment is released.
- Post the journal entry and file the voucher with its supporting documents.
Saudi Context
Saudi entities subject to ZATCA audits must produce payment vouchers and supporting documents for material payments. Internal audit and external auditors registered with SOCPA verify the approval matrix and segregation of duties for high-value payment vouchers.
Example
A supplier is paid SAR 30,000 for invoice #4421 by bank transfer. Payment voucher #PV-0789 is approved by the finance manager, debiting accounts payable SAR 30,000 and crediting bank SAR 30,000.