Definition of Voucher check:
A specific type of check which includes a segment (known as the voucher) which details the reason or purpose for the check. The voucher would include explanations of the payment, such as Payment for advertisement running April 1 - April 30 or $300 for agreed upon fee, $50 for late payment. The person or organization who receives the check detaches the voucher before cashing or depositing the check, and will often keep the voucher for their records.
A voucher check is a combination of a check and a voucher, also known as a "remittance advice", which includes pertinent information about the parties to the transaction and thus creates an auditable paper trail about that check's payment.
The voucher check creates a paper trail for the payment by the issuer of the check. The recipient of the voucher check detaches one voucher part and retains it for record-keeping before cashing the check. The issuer retains the other voucher portion.
How to use Voucher check in a sentence?
- A voucher check is a form of official payment that creates an audit trail about that check's payment details.
- Voucher checks are commonly used by a company's payroll department and may be referred to as payroll checks in that context.
- Voucher checks have three parts - the check, a voucher for the payee, and a voucher for the issuer. Before computerized payroll, these would come in the form of three perforated items from a standardized paper sheet.
Meaning of Voucher check & Voucher check Definition