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.