FAQs: MIT Accounting Operations

Send an email to VPF Cost Objects.

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.

Costing sheets are used in SAP to provide the basis and rates for the calculation of Facilities and Administration (F&A) charges. During the monthly close the costing sheet process is run to charge cost objects with the appropriate F&A or fund fees; the costing sheet used for a cost object is displayed on the Summary Statement. 

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.

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. 

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. 

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 Jeremy Raphael or Rebecca Menin at VPF Tax.

It depends on the nature of the item. Massachusetts sales tax is 6.25% percent of the sales price of the item. However, many items are exempt from sales tax. For details, see Massachusetts Department of Revenue – A Guide to Sales & Use Tax. If you believe that your DLC owes sales tax on items that it sells, contact Jeremy Raphael or Rebecca Menin at VPF Tax.

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.

On Atlas, click your name on the top right and select Settings and Authorization.  Under Email Notification Settings, check the box marked Journal Voucher is approved by the VPF and/or check the box marked Journal Voucher is rejected by the VPF. Then click Save Changes.

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.

Send an email to Journal-Vouchers@mit.edu

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.

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.

The reason your JV was rejected has been added to the Explanation Text on the bottom of your JV. The rejection reason often includes suggestions for making changes to your JV that will result in approval and posting. If you work on SAPweb, scroll down past your Explanation Text to find the reason your JV was rejected. If you work in SAP GUI, click Extra/Texts and then open the Texts in Accounting Document box by double clicking on the word Correspondence, scroll down past your Explanation Text to find the reason your JV was rejected.

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.