Inventory Vouchers perform the function in the inventory system that accounting vouchers do in the accounting system. Inventory Vouchers are also means of entering transactions. Accounting vouchers will update only Accounts, but Inventory vouchers will update both Accounts and Inventory. Inventory vouchers record the receipt and issue of goods/stock (Movement of goods), the transfer of stock between locations and physical stock adjustments.
If you have not integrated accounts with inventory, inventory vouchers will not have any impact on the Balance Sheet stock figures. The stock balances will be maintained separately.
Set the option Integrate Accounts and Inventory to Yes in F11: Features : F1: Accounting Features/Inventory Features.
You can trace a transaction from the beginning i.e., goods transfer stage to the financial accounting stage irrespective of integration status.
For example, the purchase of stock can be tracked from the purchase voucher through the receipt note, through invoice from the supplier and also through eventual payment.