What is underrecovery?

Underrecovery may occur in a research WBS element where overhead specifications (F&A rates or direct cost base) are established at less than the current negotiated federal rates. More information can be found on the Research Administration Services (RAS) page on Underrecovery.

What’s the policy on accruals and deferrals?

At the end of the fiscal year, all MIT departments should accrue and defer any material expenses and revenues. See the Policies section for more information.

Is MIT on an accrual basis?

MIT is on a modified accrual basis. At the end of the fiscal year, all obligations incurred but not paid and all revenues earned but not received are recorded, and expenses and revenues relating to subsequent periods are deferred. 

What is MIT’s fiscal year?

MIT’s fiscal year begins July 1 and ends June 30. The general ledger and all financial reports are produced on a fiscal year basis. 

What activities at MIT are subject to tax?

In a nutshell, MIT has three main tax areas: sales tax, meals and alcohol tax, and unrelated business income tax. Under each category many activities are exempt. In order to determine whether or not your DLC has taxable activity, please contact Jackie Daniels or Alisha Daley on the VPF Tax team.

How do I delete a line on a parked journal voucher?

If you work on Atlas, check the three small dots to the right of the line(s) you want to delete. Then click the Delete  Items button. If you work in SAP GUI, click the cursor to the left of line number for the line you want to delete. Then click Edit/Delete item. When you click Document/Complete, for each deleted line you will receive a Warning Message (in yellow): Amount is zero-line item will be ignored. SAP will leave the line as a marker, will zero out the dollar amount and will delete the line completely at the time the document is posted.

How do I know if I need to send backup to the VPF for my journal vouchers?

You no longer need to send journal voucher backup to the VPF. However, you do need to create a document that includes information to backup the journal vouchers. This includes originating transaction numbers and transaction dates when transferring expenses and revenues between cost objects, along with clear Line Item Text, and Explanation Text explaining why the journal voucher is being made.

How do I delete a parked journal voucher?

To delete a JV,in SAPgui, send an email to Journal-Vouchers@mit.edu and ask to have the JV deleted. In Atlas, open the JV and click delete on the top right. An email will be sent to the JV team to be deleted. Only parked JVs can be deleted. SAP does not let users delete posted journal vouchers.

My journal voucher was rejected. What is the process to change the JV and return it to the VPF?

You MUST retrieve the JV from your Inbox. If you work on Atlas, the rejected JV will have a red X mark on the right under status, click on that JV to open the JV for changes. Make the appropriate changes, and then click Continue to send the JV back to the VPF. If you click Cancel, the JV remains in your Inbox. If you work in SAP GUI, click on your SAPoffice: Inbox, and then double click on the JV you want to open and change. Make appropriate changes, and then click Document/Complete. SAP will also ask you if you want to re-submit the parked document for approval. Click "Yes." If you click "No" the JV remains in your Inbox.

Who should I contact if I have an auto accident or work-related injury?

If you have questions about medical attention related to an auto accident or work-related injury, contact the Medical Billing Office, 617-258-5336. Have your automobile insurance information available.