The disbursement system that is used when construction funds are dispersed upon presentation of a receipted bill by a contractor is a voucher.
What is a Voucher?
- The accounts payable division of a business uses vouchers to compile and store all supporting documentation required to authorize the payment of liabilities.
- Governments may also distribute vouchers that can be redeemed for a variety of activities, such as housing, social welfare, or school choice programs.
- A ticket or coupon that can be redeemed for a good or service is another example of a document that is referred to as a voucher.
- The hospitality sector makes use of this frequently. For instance, coupons that can be redeemed for rooms, flights, or rates may be distributed by airlines, hotels, and restaurants.
The backup document for accounts payable is called a voucher. The short-term bills that businesses have to pay to suppliers and vendors are known as accounts payable.
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