Finance Operations and Controls
Payment Vouchers: How a Request-to-Payment Process Should Work
A payment voucher is the single document that says who asked, who approved, who was paid, how much and why. What it should record, the five stages from request to payment, and how to handle VAT, WHT and returned requests.
Every naira that leaves the business should be able to answer five questions: who asked for it, who approved it, who received it, how much, and why. A payment voucher is the document that answers them. Done well, it turns a scattered chain of messages and bank transfers into one record you can still read in three years.
What a voucher should record
| Field | Example | Why |
|---|---|---|
| Voucher number | PV-0093 | One reference for everything that follows |
| Requested by | Ifeanyi Okeke, Operations | Accountability for the need |
| Date requested | 04 November 2026 | Ageing and cut-off |
| Beneficiary | Rivers Fuel Depot Ltd | Who is being paid |
| Bank account | GTBank ••4417 | Where the money goes, from an approved list |
| Description | Diesel, Trans-Amadi depot, 2,000 litres | Makes sense to someone who wasn't there |
| Amount | ₦410,000.00 | Gross, before any deduction |
| Deductions | WHT, if it applies | Net pay is clear before approval |
| Supporting documents | Supplier invoice, delivery note | Evidence the cost is real |
| Cost centre or account | Fuel and diesel (6100) | Lands in the right line of the accounts |
| Approvals | Reviewed by Chiamaka Obi; approved by Tunde Bakare, with times | Proves the control worked |
| Payment reference | Bank transfer reference, date | Ties the voucher to the bank statement |
If any of these is missing, the voucher hasn't done its job.
Five stages, from ask to paid
1. Request
The person who needs the payment raises the voucher, attaches the supplier's invoice, and picks the beneficiary from an approved list. Typing bank details freehand on each request is where errors and fraud creep in.
2. Review
Finance checks the arithmetic, the supporting documents, the account coding and any tax deduction. A reviewer who finds a problem returns the voucher with a reason. Rejecting it silently forces the requester to start again from scratch.
3. Approve
An approver with authority for the amount signs it off. Above a threshold, a second approver is required. The approver can't be the requester. This is separation of duties in its plainest form.
4. Pay
Finance pays exactly what was approved, to exactly the account on the voucher, and records the bank reference against it.
5. Record
The payment appears in the transaction history, and the bank statement is reconciled against it at month end. Anything paid without a voucher shows up as an exception.
One voucher, worked through
On 04 November 2026, Ifeanyi Okeke requests ₦410,000 for diesel at the Trans-Amadi depot.
| Time | Stage | What happened |
|---|---|---|
| 08:52 | Request | Raised, beneficiary picked from the approved list |
| 09:30 | Review | Chiamaka Obi returns it: "Attach the depot receipt" |
| 10:05 | Resubmit | Receipt attached |
| 11:40 | Approve | Tunde Bakare approves |
| 15:12 | Pay | Paid to GTBank ••4417; bank reference recorded |
The return at 09:30 is the most useful line in the trail. It shows the control caught something, and it shows how long the fix took. Unhappy paths belong in the record too.
VAT and WHT on the voucher
When a voucher pays a supplier for a service, put the tax on the face of the voucher, so the approver sees exactly what will be paid and what will be remitted.
Example: a consultancy fee of ₦1,000,000 plus 7.5% VAT, with WHT at 5% on the fee.
| Line | Amount |
|---|---|
| Fee | ₦1,000,000.00 |
| VAT 7.5% | ₦75,000.00 |
| Invoice total | ₦1,075,000.00 |
| Less WHT 5% of fee | (₦50,000.00) |
| Net paid to supplier | ₦1,025,000.00 |
| WHT to remit, with credit note to supplier | ₦50,000.00 |
Rates depend on the service and the supplier. Our WHT guide explains which rate applies and where to remit.
Prepaid and card vouchers
Not every payment starts with a supplier invoice. Fuel cards, petty cash floats and prepaid spend still need a voucher: the request and approval come first, and the receipts are attached afterwards. The rule is the same either way: approval before money moves, evidence after.
Common failure points
- Approval after payment. Paying first and "regularising" later makes the voucher a formality, not a control.
- Vague descriptions. "Logistics expenses" tells an auditor nothing.
- Changing beneficiary bank details by email. Confirm any change by phone, using a number already on file.
- Split vouchers. Two ₦900,000 vouchers to dodge a ₦1,000,000 threshold. Watch for the same beneficiary twice in a day.
- No ageing. Vouchers sitting unreviewed for a week delay suppliers and damage relationships. Track how long each one waits at each stage.
How Flux helps
In Flux Spend & Vouchers, payment vouchers, including prepaid and card vouchers, are raised, reviewed and approved in the app. Beneficiaries and bank accounts are kept on file, and the transaction history and dashboard totals show what has been paid. Each voucher carries its request-to-payment trail: who asked, who approved, and what was paid.