Annual Closing

Top 10 Issues to Remember

1. Familiarize yourself with the FY2012 year-end closing schedule (PDF) and make sure you are aware of important deadlines for Accounts Payable, Travel, Payroll, WBS elements, etc.
2. For researching WBS elements, get your backup in early where required for journal entries.
3. Be aware of June 30 deadlines for certain types of activities: receipts to cashiers; final entries to research WBS Elements; credit card activity closed; general Accounts Receivable billing activity closed; internal provider activity closed.
4. Review the rules and procedures for making accruals and deferrals of revenues and expenses.
5. Learn how to use the SAPweb functionality to copy (clone) and reverse a journal voucher. Send questions to journal-vouchers@mit.edu.
6. Close out inactive internal orders by bringing the balance to zero and requesting to be terminated. Send these requests to VPF-Cost-Objects@mit.edu.
7. Review your restricted gift and endowment fund cost objects (coded with an "R" or a "C" in the Treasurer's Report code field) to make sure you know what the donor's restriction is and that the expenses made against the fund this year meet the restriction.
8. Clear out faculty controlled cost center overruns.
9. Get your invoices and travel reimbursement forms to Accounts Payable and Travel as soon as possible to ensure they are posted this fiscal year.
10. Come to a VPF/Budget Closing Workshop to learn more about these and many other topics.