3.7 Journal Vouchers


General Description:

Journal Vouchers are documents to move charges from one cost object or GL account to another. Any SAP user with reporting authorization can prepare and post a Journal Voucher to any cost object in the Institute.

SAP Document Types:

SA (during the fiscal year) and FY (during the fiscal year closing periods 13, 14, 15, and 16.)

Central MIT Controls:

Certain journal entries are routed to central offices for further review (based on the G/L accounts/cost objects used). Some GL account/cost object combinations are not allowed. System driven validations require postings to an open cost object (has not been terminated).

All JVs on a WBS element have to be reviewed by the Sponsored Accounting area in the VPF to see if they are allowable to the WBS element.

Level of Risk: Medium/High.

Although JVs cannot result in any expenditure of funds outside MIT, JVs can be entered by any properly authorized SAP user against any cost object/GL account at MIT. An inappropriate JV, not corrected, could result in under billing a sponsor, a cost overrun, or inaccurate financial information.

Documentation to Retain:

Any additional documentation needed to explain the reason for the Journal Voucher. (JVs have extensive provision for text explanations. Use of these text fields is strongly encouraged to reduce the need to save, and find, paper documentation centrally or locally).

DLC Tasks:

Ongoing:

Follow departmental procedures (if any) for review of JVs proposed.

Statement-related:

  1. Review all journal entries for reasonableness, using your DTR or the Data Warehouse report "Journal Document Review". Make sure you understand the purpose of the entry. Use the JV "long text" field to see who made the entry.
  2. If you have questions, contact the person originating the JV.

Contact for questions: If additional information is needed, please contact Departmental-transfers@mit.edu.

Updated 5/22/12