Why we use a general journal voucher

Why use a general voucher?

General journal voucher is a best practice method for recording all transactions recorded to the general ledger after the original transaction is recorded and finalized.

Creates another set of checks and balances.

Minimizes the liability associated with fraudulent activity.

Creates accountability for transactions recorded to the general ledger.

USING A GENERAL JOURNAL VOUCHER

  1. Obtain an electronic copy of the general journal voucher from the organization’s drive or the current supervisor.
  2. General journal vouchers are utilized for the following transactions:

Cleaning schedules

Recording necessary reconciling transactions

Recording month-end entries, (non-reoccurring transactions)

Recording monthly accruals (non-reoccurring accruals)

Recording pre-paid transactions (non-reoccurring pre-paid transactions)

Recording monthly payroll accrual

*Please note:  The above are examples for reference only,

Time to get started?

Begin by recording the necessary entries onto the general journal voucher.  Does the transaction balance (look at the total column).  Are the necessary controls recorded on the worksheet?  Before you proceed does the organization utilize an assigned voucher numbering system?  Record the transaction in the DMS system refer to the DMS posting template for further instructions.

Once the entry is recorded, print a copy of the voucher, a copy of the posting transactions associated with the assigned voucher number, submit the original to the Accounting manager for final approval.  Make copies for the month-end folder.