Accounting JV (Journal Voucher) is a report that is given to the Accounts department informing them on how much of salary is to be paid, how much of money is to be paid to each statutory department, and how much of loan and other recoveries are done. Accounts will use this to update data in their software.
Payroll Processor will prepare the Journal Voucher (JV) and share to Accounts.
Specific Category JV
Cost Center wise or Department wise or Location wise JV refers to a Journal Voucher that is generated Cost Center, Department, Location wise. This means that there will be multiple JVs and each will refer to or contain data of employees in a specific Cost Center or Department or location.