Glossary of Terms beginning with V

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Value in use of a non-cash generating asset

Value in use of a non-cash generating asset is the present value of the asset's remaining service potential.


Value Added Tax


A vendor master record contains the vendor's name and address, as well as data such as the currency used for ordering from the vendor, terms of payment, and key contact information (e.g. sales staff, accounts payable staff, etc.) Since, to the accounts department, vendors are generally creditors (accounts payable), the vendor master record also contains accounting information, such as the relevant control account (reconciliation account) in the general ledger. All vendors must first be a Business Partner in Umoja.


Venturer is a party to a joint venture and has joint control over that joint venture.

Vested employee benefits

Employee benefits that are not conditional on future employment.