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.
My department sells merchandise (mugs, t-shirts, reprints). Do we need to collect sales 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 Jackie Daniels or Alisha Daley on the VPF Tax team
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.
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.