Ans:
A payment voucher is a must for all kinds of payments, whether made by a person, the business firm through its bankers or directly. Hence this condition applies to all payments made as follows.
Bank payments that are made directly to its business customers.
Cheque payments.
Cash payments.
Pay order and bank DDs or demand draft payments.
Third-party payments that are made for a business firm. Here, a journal voucher needs to be prepared rather than a voucher.