Whenever any financial transaction takes place, you have to record the transaction through a Voucher.
As per nature of transaction, a Voucher may be following types-
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Receipt : This voucher involves receipt of money. So a cash or bank account must get debited through this voucher. The credit ledger account is entered first.
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Payment : This voucher involves payment of money. So a cash or bank account must get credited through this voucher. The debit ledger account is entered first.
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Journal : This voucher is entered for all other types of non cash transactions (e.g adjustment for Depreciation, Liabilities for expenses, pre paid expenses etc). No cash or bank account is transacted in this type of voucher.
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Tasks covered in this section
Cash Vouchers
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Bank Vouchers
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Journal Vouchers
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