8.00 Financial Record Retention for DLCs
Buying and Paying
Policy
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Buying and Paying
You searched for: journal vouchers
VPF by the Numbers
VPF just released its annual " By the Numbers" summary, featuring key metrics of the work of its business units in fiscal year 2019. Metrics include payroll transactions, travel expense reports, journal vouchers, budget submissions, tax forms, property inventory, and more.
Publication Date
11/12/2019
News
Unallowed Costs
Use these tips and resources to help identify and process unallowed costs.
Task
- Property, Tax, and Accounting
MIT Accounting Operations
As a member of the MIT accounting community, you provide crucial support for all the Institute’s activities.
Subtopic
Financial Accounting and Reporting
Property, Tax, and Accounting
Policy
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Property, Tax, and Accounting
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Sponsored Accounting
Property, Tax, and Accounting
Policy
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Property, Tax, and Accounting
Financial Review and Control
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.
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.
Task
- Property, Tax, and Accounting
Sponsored Accounting
Sponsored Accounting manages billing, collecting, and reporting for all sponsored research projects at MIT.
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