MIT Fiscal Year-End 2022 Closing Schedule
Before June 30, 2022
Friday, June 17 – 5:00 pm
Deadline for submitting travel expense reports in Period 12
Deadline for New Cost Object and Profit Center requests for FY22 activity
Paper/B2P invoice cutoff, Period 12
Credit card activity closed (ProCard verification cutoff)
|Tuesday, June 21 – Noon||Payroll - eSDS Non-Exempt Changes cutoff|
|Wednesday, June 22 – 5:00 pm||eRFP cutoff, Period 12 (Please do not send FY2023 eRFPs until July.)|
|Friday, June 24||Accounts Receivable check deposit cutoff|
|Monday, June 27||Accounts Receivable invoice generation cutoff|
|Tuesday, June 28 – 5:00 pm||Deadline for FY23 Budget Changes|
On June 30, 2022
|Thursday, June 30 – Noon||Journal Voucher cutoff, Period 12|
|Thursday, June 30 – 5:00 pm||All internal provider activity closed
Final entries to all research and fund sponsored WBS - Necessary backup must be received in VPF to be posted
General A/R billing activity closed
Payroll – eSDS Exempt Changes cutoff is 5 pm
After June 30, 2022
|Friday, July 1||Special Holiday Closing
Data Warehouse is unavailable on July 1 for transition to FY23. Any change in date will be updated in the Fiscal Year-End 2022 Closing Schedule on the VPF website.
Period 12 closing process
Period 13 open
|Monday, July 4||Independence Day – Institute Holiday|
|Tuesday, July 5||
Completion of Period 12 processing (actuals)
• closing Journal Vouchers; review JV activity in SAP
• review FY22 credit card transactions on need for accruals
All June activity available online in SAP (EB and F&A applied)
|Tuesday, July 12 – Noon||Period 13 Journal Voucher cutoff
• All DLC JVs must be submitted by noon
• VPF Budget & Financial Analysis can post activity after noon (only
• JVs affecting draft transfer G/Ls). No DLC activity is permitted.
Administrative carryforward requests due
|Wednesday, July 13 – Noon||Notice of completion of Period 13 processing (actuals)
• All activity available online in SAP (EB and F&A applied)
|Thursday, July 14||Period 13 Data in the Data Warehouse|
|Friday, July 15 – Noon||Budget & Financial Analysis Period 14 Journal Voucher cutoff
Run costing sheets only
Data in Data Warehouse available Monday, July 18, in the morning
Accounts Receivable Deadlines
- Check deposit cutoff – Friday, June 24
- Invoice generation cutoff – Monday, June 27
Accruals and Deferrals
Performing accruals and deferrals is an essential closing task that ensures that financial transactions are recorded in the same year as the delivery of the goods and services. Use the chart below as a reference when creating your journal vouchers for accruals and deferrals.
|Create a JV dated 6/30/2022 with document type FY|
|Good or service MIT is receiving||Received||Paid||Accrued Expense||Appropriate Cost Object||1216800|
|Paid||Received||Deferred Expense||1121400||Appropriate Cost Object|
|Good or service MIT is providing||Provided||Paid||Accrued income||1078201||Appropriate Cost Object|
|Paid||Provided||Deferred income||Appropriate Cost Object||1225201|
|Reverse in Period 1 for FY23|
Record Retention: Should it stay or should it go?
After year-end transactions are complete, many administrators turn their attention to properly storing their paper files to make room for the new year’s receipts. Since 2018, VPF has advised DLCs that electronic financial records stored on VPF central platforms do not require additional paper back-up. If you upload and attach an electronic receipt to a transaction in Concur, B2P, eRFP, JV, or your Procurement Card Inbox, you do not need to keep the paper version in your office. Use this handy guide to determine what to keep and what can be discarded.
|Related to multi-year sponsored award||Retain the record for three years after the close of the award|
|Paper||File locally and retain paper records for Current FY + 4 FYs|
|Electronic||Save to a shared department drive and retain records for Current FY + 4 FYs|
|Uploaded to VPF Financial System||Once complete and legible records are uploaded to Concur, B2P, eRFP, Procurement Card Inbox, or journal vouchers they are maintained by VPF. Paper copies can be discarded.|
- Be aware of important deadlines for Accounts Payable, eRFPs, ProCard and travel expense reports, payroll, WBS elements, journal vouchers, budget transfers, and all other critical elements in the fiscal year-end close process. See the FY 2022 Year-End Closing Schedule for specific details.
- Review the procedures for making accruals and deferrals of revenues and expenses (see chart above).
- When researching WBS elements, gather backup materials early in the process and use with journal entries when required.
- Close inactive internal orders by bringing the balance to zero and emailing firstname.lastname@example.org to request that the term code in SAP be set to “3” (Terminated. Charges not allowed).
- Review restricted gift and endowment fund cost objects to make sure you know if there are any donor-specified restrictions on the fund, and to ensure expenses made against the fund this year are not restricted.
- Take the self-paced Fiscal Year-End online training to learn more.
Contact FYemail@example.com if you have any questions about the year-end closing process.