A payment voucher can be a method of payment for services or goods. It is used instead of cash, a credit/debit card or a check payment. A payment voucher can also be like a type of receipt or recorded proof that a payment has been made (just like a check stub).This may be printed out when an electronic payment has been made, for example via bank transfer, and then kept as a backing document.
In a bookkeeping context, a payment voucher can be used as a way of indicating bills or invoices that have been approved for payment, but the payment has not yet been completed. The voucher is filled out and then attached to the bills that will be paid by the accounts department after a decision has been made regarding when and how each of the payments need to be made. Issues such as due date, discounts and cash flow will determine this outcome.
A payment voucher may also be used on a system called Oracle. Through this system, all payment vouchers (i.e. Money owed and paid to other departments or companies) are submitted and then processed. The payments that are issued are known as ‘demand payments.’ The system of paying and sending money to different companies can be updated on a regular basis to adapt to the circumstances; if new vendors are acquired or older vendors are dropped for instance.