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)

Period 13

• 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
Period 14 open for posting @ 2:00 pm (VPF only)

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

Gift Deadlines

Learn how to submit 2022 end-of-fiscal-year gifts here

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
  FY22 FY23 Accounting Term Debit Credit
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.

General Tips

  • 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 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 if you have any questions about the year-end closing process.