Jun 18, 2013 12:12 AM

When Scott talks about Surety and accounting being all that is to all of our problems, I now know he is right. There is a method, the Bills of Exchange Act as this clearly establishes. VOUCHER REGISTER: A voucher register is a combination invoice register and a creditor (or accounts payable) Ledger. All purchases regardless of their nature are entered in this record and the formalized process of vouchering the invoices for payment eliminates the need for individual creditor accounts. When used in its most comprehensive form, all expenditures are entered and distributed in this record. The voucher register initiates the flow of cost data, facilitates their analysis, and provides the most effective control over purchases and their payment. VOUCHER SYSTEM: The system by means of which invoices and other evidences of liability are collected, audited, recorded, and settled. It involves the use of vouchers, vouchers checks, a voucher register, ETC., and is an important feature of any system of internal control. Fundamental Principles of Accounting writes that a voucher system is a method of operation which provides for an orderly handling of cash vouchers and liabilities to ordinary creditors in such a way as to make it unnecessary to keep ledger accounts with creditors. It is apparent that the voucher system embraces more than a uniform procedure for handling purchases but also involves the incurrence and liquidation of all liabilities. PURPOSE OF VOUCHER SYSTEM: 1)To provide economy in handling and recording purchases of goods or services. 2)To provide means for correct charges to accounts representing purchases of goods or services. 3)To secure specific receipts for specific invoices in order to: A)Minimize fraud. B)Avoid double payment of same bill. 4)Secure control over volume of disbursements.