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The Atlas JV application includes a template you can use to upload a multi-item JV. Here’s what you need to know to get started.

Journal vouchers (JVs) are used to track a wide range of transactions and to assign costs and revenues to appropriate accounts. Journal vouchers that include a WBS sponsored cost object require additional information to satisfy auditor and sponsor requirements.

Use journal vouchers (JVs) to track a wide range of transactions and to assign costs and revenues to appropriate accounts.

An accurate and timely closing will help your DLC make an effective and seamless transition to the next fiscal year.

Use these tips and resources to help identify and process unallowed costs.

Financial review and control (FRC) is a collection of policies and procedures for performing DLCI monthly financial review and represents one aspect of the internal control environment.

As part of this overall system of internal controls, MIT requires that a person familiar with activity on an MIT cost object to review the monthly transactions on that cost object. The transaction review helps to ensure that cost object expenses and revenues are accurate, timely, complete, and properly documented. This review should be completed within 30 days of the end of the month under review. Federal regulations limit the time allowed for transfers from one cost object to another, and errors caught promptly are generally much easier to correct. Timely reviews are strongly recommended.

Although your DLCI may have its own distinct process for month-end financial review and control, MIT has developed a useful web-based application in Atlas to assist you with your review. We highly encourage DLCIs to use this FRC application as it can expedite your financial review process.

Below, you’ll find helpful guidelines and Institute-wide standards on the FRC process, MIT’s FRC policies, and technical assistance for the FRC application.