Journal vouchers are a way to create a draft of a journal entry. The voucher signifies intent to make an adjustment to the journal. Think of journal vouchers like a draft sales order or other marketing document in the SAP Business One system. Using vouchers is critical for maintaining a audit trail of your financial transactions and is included for use in SAP B1. This document is totally optional in the SAP Business One financial process.
The best part about the journal voucher is that the form and procedures are identical to the regular journal entry posting. From the main menu in SAP Business One click Financials -> Journal Vouchers. Click Add Entry to New Voucher and when the screen comes up you will see that is no different from our regular journal entry screen. This makes it super easy to integrate into your company's processes and create a culture of accountability.
Journal vouchers create no values in the general ledger. It is a draft document so when you are adding one it will not make any changes. You can use these documents for temporary storage of financial data and can choose to actually make the postings from the document when ready. Simply find the journal voucher you wish to post, highlight it, and choose the post voucher button. A voucher must be in "open" status to post from it.
Journal vouchers are a great check that you can implement into your financial processes. Many accounting departments in small companies have a few accountants and a position of leadership. When using journal vouchers a system of checks and balances can be employed. You can either do a peer review of vouchers before their posting or the head of the department can sign off on vouchers. This can minimize the impact of mistakes that happen with regular occurrence in any financial organization.
Another great thing about using journal vouchers as an intermediary step before posting is that changes can be made to the document. When you add a journal entry, you can never change a document. Once it is in the SAP Business One system, only a correcting entry or document can be added to fix mistakes or account for last minute changes. Journal vouchers make it simple by not committing postings until they are completely ready for entry. You can edit, delete rows, and add rows using journal vouchers.
If you are serious about providing a system of checks and balances to your financials, then journal vouchers are a must use in your organization. It may appear that it entails more work but can actually save so much time in fixing mistakes that it is a net gain in efficiency. If you've spent any amount of time fixing financial nightmares, you know what I'm talking about. A CFO of a small company can easily waste an entire day figuring out a complicated mistake.
Check out this quick video on journal vouchers in SAP Business One!