Variance Report: Compares an original budget to the actual
expenditures, highlighting the difference or variance between the two. A variance
report is produced along with quarterly expenditure reports on a year-to-date
basis. The results of the variance report may necessitate amending the budget
disbursements in the second appropriation in order to reflect the changed situation.
Vested Benefit: A benefit for which the employer has an obligation
to make payment even if an employee terminates; thus, the benefit is not contingent
on an employee's future service.
Voided Checks: Refers to checks which have not released or
have been lost and therefore have not and will not clear the bank. Voiding checks
are done in Accounts Payable.
Voucher: A transaction-processing record that documents approvals,
payment amounts and physical shipment or receipt.
Voucher Payable: A voucher connotes that a bill has been checked
carefully to determine that at least the authorization, amount, and quantity
are correct and should be paid. Thus, a voucher payable is a liability.