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Payment Transaction Voucher

There are many types of payment transactions. Here you find some of the most important ones.

Payment Transactions - other than purchase or sales transactions - include:
  • When your customers settle their credit sales invoices
  • Similarly, when you pay your supplier at a later time than on delivery
  • When making bank deposits (cash)
  • When paying installments on your bank loan

Only registered under assets or liabilities

Common for these examples are that, contrary to purchase and sales transactions, they do not set off an entry on a purchase, cost, or sales account. It is because they have already been registered on these accounts. 
Payment transactions only set off entries on balance sheet accounts under assets and liabilities.

The bookkeeping of payment transactions does not require an original voucher (nor a copy of your own sales invoice) - just some sort of verification of the transaction.

Copies of receipts

Vouchers of payments received from customers could be copies of receipts you may have produced. It could also be an entry on your bank statement, or maybe just an entry in your cash book.

Vouchers for payments made, which are not purchase transactions, are typically just carbon copies of cheques, entries on a bank statement, etc.
- Go to next business issue: Salary Entries and Records

Office Supplies
Running a business good administration
Non-cash Vouchers
Purchase Transaction Voucher
Sales Transaction Voucher
Payment Transaction Voucher
Salary Entries and Records
What is Accountancy?
Principles in Accounting
Understand Financial Info
Safeguarding Your Assets
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