Thumb rules

• Every transaction must be recorded.
• It is best to follow discipline of adding to bank account.
• Maintain a petty cash register.
• Maintain a voucher system.
• Consolidate accounts quarterly.
• Provide receipts for all payments.

Voucher system
What is a voucher?

A voucher is an internal document used in a company’s accounts payable department in order to collect and organize the necessary documentation and approvals before paying a vendor invoice. The voucher acts as a cover page to which the following will be attached: vendor invoice, company’s purchase order, company’s receiving report, and other information needed to process the vendor invoice for payment.

How to use?

A voucher is prepared after a vendor’s invoice has been matched with the company’s purchase order and receiving report. In addition to attaching the three items to the voucher, the following information is also entered on the voucher: payee/vendor name, discount terms, the amount and date to be paid, the general ledger account numbers to be charged, and the authorizing signatures. The voucher is then recorded in the voucher register. The unpaid vouchers provide the detail for the total amount reported as vouchers payable or accounts payable.

As a voucher’s payment date comes near, the voucher is forwarded to an authorized person for payment. After making payment, a copy of the check is attached and the voucher is stamped “Paid.” It is then filed in the paid voucher file in order to prevent a duplicate payment.
Where not to use?
Sample voucher

Petty cash register
What is petty cash? …..
What is petty cash register? ….
How to use? ….
How to use in multiple offices/ branches? …..
Sample Petty cash register

Receipt book
What is a receipt book? ….
Dos and donts ….
Your receipt will provide tax rebates. How to be disciplined? …..
Sample Receipt book

Maintaining these at a minimum will help your accountant to be able to consolidate regularly.
Healthy and up-to-date accounts reflect your NGO positively while presenting to potential donors.
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