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Have you ever considered the affect of voucher entries on balance sheet items on both the asset and liability sides? Learn more into the impact of each category
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A voucher is a transaction entry that is used to document the daily activities of an individual, such as the purchase or sale of an asset, the granting or collection of a loan, the depositing or redeeming of a fixed deposit, and so forth.
A voucher category and a transaction event are typically associated with each voucher, which in turn affects the asset or liability side of the balance sheet.
The balance sheet in EZTax.in Books Portal automatically includes the typical sales or purchases of products or inventory; however, there are instances in which it is desirable to record specific transactions as part of vouchers.
The following table displays the impact of the transaction on each balance sheet item on the asset or liability side, or both, by voucher category and transaction event.
| Voucher Category | Assets / Liability | Transaction Event | Balance Sheet Impact | Profit and Loss Impact | |
|---|---|---|---|---|---|
| Asset Side | Liability Side | ||||
| Assets - Tangible | A | Purchased | Tangible Asset Cash/Bank | — | — |
| Sold | Tangible Asset Cash/Bank | — | (Sale value - Purchase value) should be credited to PL | ||
| Assets - Intangible | A | Purchased | Tangible Asset Cash/Bank | — | — |
| Sold | Tangible Asset Cash/Bank | — | (Sale value - Purchase value) should be credited to PL | ||
| Loans & Advances given | A | Granted | Loans and Advances Given Cash /Bank | — | — |
| Collected | Loans and Advances Given Cash /Bank | — | — | ||
| Investments | A | Purchased | Investments Cash /Bank | — | — |
| Collected | Investments Cash /Bank | — | (Sale value - Purchase value) should be credited to PL | ||
| Cash in Bank | A | Deposited | Bank Cash | — | — |
| Withdrawn | Bank Cash | — | — | ||
| Cash in Hand | A | Deposited | Bank Cash | — | — |
| Withdrawn | Bank Cash | — | — | ||
| Fixed Deposits | A | Deposited | Fixed Deposit Cash/Bank | — | — |
| Redeem | Fixed Deposit Cash /Bank | — | (Sale value - Purchase value) should be credited to PL | ||
| Any Other Asset | A | Purchased | Any other Asset Cash/Bank | — | — |
| Sold | Any other Asset Cash/bank | — | (Sale value - Purchase value) should be credited to PL | ||
| Capital Work in Progress | A | Capital Work in progress Cash/Bank | — | — | |
| Taxes - Advance Tax (IT) | A | Paid | Cash/Bank Advance Tax | — | |
| TDS Receivable | A | Open Balance | TDS receivable Sundry Debtors | — | — |
| Bank Overdraft | L | Taken | Bank | Bank OD | — |
| Repaid | Bank | Bank OD | — | ||
| Capital | L | Brought | Cash/Bank | Capital | — |
| Returned | Cash/Bank | Capital | — | ||
| Borrowings - Long Term | L | Brought | Cash/Bank | Long Term Borrowings | — |
| Returned | Cash/Bank | Long term Borrowings | — | ||
| Loans - Secured | L | Brought | Cash/Bank | Secured Loans | — |
| Returned | Cash/Bank | Secured Loans | — | ||
| Loans - Unsecured | L | Brought | Cash/Bank | Unsecured loans | — |
| Returned | Cash/Bank | Unsecured Loans | — | ||
| Taxes - Output GST | L | Paid | Cash/Bank | Output GST | — |
| Set off | Input GST | Output GST | — | ||
| Borrowings - Short Term | L | Brought | Cash/Bank | Short Term Borrowings | — |
| Returned | Cash/Bank | Short term Borrowings | — | ||
| Any Other Liability | L | Brought | Cash/Bank | Any other Liability | — |
| Returned | Cash/Bank | Any other Liability | — | ||
| TDS Payable | L | Paid | Cash/Bank | TDS Payable | — |
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.