Generally in any organization or business payments and receipts are the nerve of any accounting activities. Payment vouchers are generally meant for making payments. Payment vouchers are normally in the prescribed format which will contain all the essential details like to whom the payment is made, purpose for which the payment is made, amount of payment, authority for making payment etc.
Like the payment voucher receipt voucher is the document maintained for the purpose of account for the receipt transactions in a business or company. Company or business may receive payments in various purposes like sales, settlement of dues etc. In such cases the receipt transactions are accounted for through the receipt voucher.
The receipt voucher has to contain the details of the person who remit the amount to company or business, purpose of remittance head of account under which the remittance is made, amount remitted, mode of remittance whether by cash or cheque or draft etc. Receipt voucher becomes the source record for recording the receipt transactions like receipt register, general ledger etc. Receipt vouchers are also to be maintained properly for the purpose of auditing. Receipt vouchers are also to be numbered from the beginning of the financial year till the end of the financial year.
