Final answer:
A journal voucher is used to record financial transactions in both batch and real-time GL systems. Batch GL systems process journal vouchers in batches for review and approval, while real-time GL systems process them immediately. Both systems ensure accurate and timely financial recording.
Step-by-step explanation:
In both batch and real-time GL systems, a journal voucher is used to record financial transactions. It serves as a source document that provides detailed information about the transaction, including the accounts involved, the amounts, and any supporting documentation.
In a batch GL system, the journal vouchers are typically collected and processed in batches at a later time. This allows for review, verification, and approval of the transactions before they are posted to the General Ledger. The batch processing ensures that the financial records are accurate and complete.
In contrast, a real-time GL system immediately processes the journal vouchers as soon as they are entered into the system. This enables businesses to have up-to-date financial information at any given moment. Real-time processing reduces the delay in recording transactions and provides timely insights into the financial health of the organization.