Payment Voucher is an integral part of Malaysian business and accounting culture. It is imperative that a payment voucher is created for each payment issued.
It is a document to proof payment has been made to a specific party or supplier for a specific invoice. Furthermore, this will assist auditors during audit period to determine the payment history and correctness of information.
Payment voucher information includes the following:
- Date of issue
- Amount paid
- Name of supplier/party paid to
- Invoice number that was paid
- Person authorising payment (Signature)
- Person receiving the payment (Signature/Company Chop)
By having a proper payment voucher system for payments going out of the business, it reduces the friction and queries from auditors during year end.
Beacon Cloud Accounting has a one click payment voucher system when recording a payment for a supplier invoice. Now payment voucher can issued and reconciled/recorded accurately to each supplier invoice easily.
Check out our tutorial on how to issue a payment voucher from supplier invoice in Beacon.