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Vouchers maintenance

rakesh (student) (457 Points)

20 June 2022

is physical maintenance of vouchers mandatory

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37 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14196 Points)
Replied 20 June 2022

Yes, it's always better to maintain Voucher , it is important for Audit purpose .
where you are having documentary evidence in such case not much issue , however maintenance of internal vouchers should be mandatory , for example if you are spending money in Cash to tea vendor of office , House keeper and other office expenses ,wherein they are not issuing any Invoice or bill , so in this case Accountant has to prepare Vocher and take signature on voucher for receipt of cash , It is important for Audit purpose . So maintain all types of Vocher both Internal and external

1 Like

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 20 June 2022

It's not mandatory. One can maintain the books of accounts in electronic mode also. It's permitted under companies act

4 Like

prasad Nilugal ( GST Practitioner & Accounts ) (14196 Points)
Replied 20 June 2022

For Sole proprietorship , partnership Firm , LLP, other Non profit Organizations Wherein Companies Act not applicable , It's better to maintain Voucher .

sabyasachi mukherjee (26185 Points)
Replied 20 June 2022

Voucher is a mandatory document to authenticate any transaction whether debit or credit. There are other vouchers journal for adjustment and other rectification entries.

prasad Nilugal ( GST Practitioner & Accounts ) (14196 Points)
Replied 21 June 2022

In Companies also after preparing Vouchers , we have enter in electronic mode .So in all respect Vouchers are mandatory .

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 21 June 2022

Vouchers in electronic mode are sufficient

5 Like

prasad Nilugal ( GST Practitioner & Accounts ) (14196 Points)
Replied 21 June 2022

@ Eswar Reddy

But Supose you pay Salary in Cash Rs 8000/- to employee , How you directly going to enter into electronic mode or System with out Voucher ?.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 21 June 2022

Payment voucher can be generated in the software

3 Like

prasad Nilugal ( GST Practitioner & Accounts ) (14196 Points)
Replied 21 June 2022

Ok, after generation of payment voucher , You have to take printout then, Signature of the employee for receipt of Salary on that voucher is very important. then that physical voucher will be in the File for Audit purpose in future .