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16 votes
Hi team, just wanting to make sure we understand the idea correctly here. When you'd like a payment voucher - would this be for accounts payable or receivable?
On the payables side, perhaps purchases orders could facilitate the record of this in Xero, and you can upload attachments to keep track of files related to a voucher. Alternatively, for accounts receivable, quotes maybe able to support what you're in need of here.
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Lijun Ng
supported this idea
·
Hi Xero Xeam,
Payment voucher serves as the official record and authorization for a payment, ensuring that every payment is valid, accurate, properly approved, and fully supported, while maintaining a complete audit trail.
Maintaining PVs helps demonstrate that business expenses are genuine, properly approved, and supported during an IRAS review or statutory audit
A Payment Voucher should generally include the following information:
1. Payment Details
- Payment Voucher No., payment date, payment method (bank transfer/cheque/GIRO), bank account used)
2. Payee Information
- Vendor/employee name, vendor code (if applicable), address, bank account (or reference)
3. Payment Description
- Purpose of payment, brief description of goods/services
4. Invoice Details
- Invoice number, invoice date, invoice amount
5. Purchase Reference
- Purchase Order (PO) number, Goods Receipt Note (GRN) or Delivery Order (DO) number (where applicable)
6. Accounting Information
- General Ledger (GL) account, cost centre/project, department, tax code, GST amount (if applicable)
7. Payment Amount
- Gross amount, discounts, withholding tax (if any), deductions, net amount payable
8. Approval Section
- Prepared by, checked by, approved by, approval dates, signatures (physical or electronic)
9. Remarks
- Additional notes or explanations (e.g., advance payment, partial payment, urgent payment)
Payment Vouchers (PVs) are widely regarded as a best practice for maintaining strong internal controls and good corporate governance. From an internal control, governance, and audit perspective, they are a critical document that evidences proper authorization, supports the validity of payments, and provides a clear and complete audit trail.
We hope Xero will consider enhancing the Payment Voucher functionality to incorporate the above information, enabling businesses to maintain stronger internal controls and meet audit documentation requirements.