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Year End Documents - Year End Accrual Vouchers (YEAV)

In compliance with Generally Accepted Accounting Principles (GAAP) and as required by the Government Accounting Standards Board (GASB) Statement 34, goods and services must be recorded in the year they were received or performed and income must be recorded in the same year as the expenses that generated the income.

The Year End Accrual Voucher (YEAV) is used to make these adjustments for June Final (Period 13). The cost (either from the invoice or an estimate from the purchase order or the vendor) of goods and services equal to or over $10,000 received on or before June 30 of the current year must be recorded in the ledger as an expense, not just as an encumbrance. Goods and services supplied to external customers by June 30 of the current year where the invoice is equal to or greater than $10,000 and was not recorded in the current year ledgers must be accrued.

There are 4 types of accrual vouchers:

• Accrued Expense
• Accrued Income
• Deferred Expense
• Deferred Income

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