1. 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 2019 Year-End Closing Schedule for specific details.
     
  2. When researching WBS elements, gather backup materials early in the process and use with journal entries when required.
     
  3. Be aware of June 29 deadlines for certain types of activities: receipts to Cashier Services; final entries to research WBS Elements; credit card activity; general Accounts Receivable billing activity; internal provider activity.
     
  4. Review the procedures for making accruals and deferrals of revenues and expenses in Step 2 of Close a Fiscal Year.
     
  5. Learn how to copy (clone) and reverse a journal voucher in Atlas. Send questions to journal-vouchers@mit.edu.
     
  6. Close inactive internal orders by bringing the balance to zero and emailing vpf-cost-objects@mit.edu to request that the term code in SAP be set to “3” (Terminated. Charges not allowed).
     
  7. Review restricted gift and endowment fund cost objects to make sure you know of any restrictions set out by donor and the expenses made against the fund this year are not restricted.
     
  8. Resolve overruns in faculty-controlled cost centers.
     
  9. Get invoices and travel reimbursement forms to Accounts Payable and Travel and Card Services as soon as possible to ensure they are posted in the current fiscal year.
     
  10. Take the Fiscal Year-End online training to learn more or attend a Fiscal Year-End Closing Workshop for in-person training on June 4, 2019, or June 19, 2019.

 

Contact FY-closing@mit.edu if you have any questions about the year-end closing process.