Abstract: The effective management of trust funds necessitates stringent financial control mechanisms to uphold fiduciary responsibility and ensure that resources are used in accordance with the trust's mandate. Vouchers—formal documents that authorize and record financial transactions—play a pivotal role in this process. This paper provides a comprehensive analysis of the function, design, and impact of voucher systems within trust fund administration, with a focus on how they support transparency, accountability, and efficiency in financial management.
The study begins by defining the conceptual framework of vouchers in a trust fund setting, distinguishing between various types such as payment vouchers, receipt vouchers, and journal vouchers. These documents serve as tangible evidence of financial activity, facilitating the proper tracking of inflows and outflows. The paper then delves into the procedural lifecycle of a voucher, from initiation to approval and recording, examining the roles of various stakeholders including fund managers, accountants, auditors, and trustees.
Methodologically, the paper employs a mixed-methods approach, combining qualitative analysis with case studies from both governmental and non-governmental organizations. Primary data is gathered from interviews with financial officers and auditors, while secondary data includes policy manuals, audit reports, and financial statements. Through these sources, the research identifies best practices and common pitfalls associated with voucher management.
One of the central arguments of the paper is that vouchers significantly reduce the risk of fraud, misallocation, and unauthorized expenditure by providing a verifiable audit trail. They also facilitate internal and external audits by maintaining systematic and chronological records of financial activities.

Keywords: Trust Fund Management, Financial Vouchers, Accountability and Transparency

| DOI: 10.17148/IARJSET.2025.125146