Updated Financial Record Retention Policy = Less Paper

Effective February 1, 2018

VPF is pleased to share several policy changes and other updates that aim to improve the MIT community's experience by reducing the amount of paper that needs to be retained as records of financial transactions.


1. Electronic Imaging

Under the current policy, original paper records must be retained for varying periods of time after electronic imaging, depending on the nature of the expense.

Starting February 1, 2018, the new policy will allow you to discard paper records after uploading a complete and legible electronic image to a VPF-managed application (Concur, B2P, ProCard Inbox, eRFP, or Journal Vouchers). There will be no need to retain paper copies of these records.

Quickcard: How Long to Retain Financial Records

Quickcard: Electronic Imaging


2. $75 Threshold for ProCard

Currently, Procurement Card (ProCard) holders must keep receipts for all purchases, while Travel Card purchases of $75 or under generally do not require receipts.

Starting February 1, 2018, our new policy will extend the $75 threshold already in place for the Travel Card to the ProCard. (As with the Travel Card, all business meeting meal receipts, regardless of the dollar amount, must still be retained.)

If you have a ProCard, please remember that you still must provide your verifier/approver with a description of what you purchased, the reason for the purchase, and the account to which the purchase should be charged.

Quickcard: ProCard and Travel Card Receipts


3. ProCard Inbox Attachments

The ProCard Inbox now has receipt attachment functionality. Previously, ProCard receipts had to be retained in paper form; now, they can instead be imaged and uploaded to the ProCard Inbox.

Although this feature is a best practice, it is optional. You can still choose to retain ProCard receipts in paper form.

Quickcard: ProCard Inbox Attachment


4. B2P Receiving

Today, paper packing slips are typically retained as a record of receipt and as a way to communicate receipt to invoice approvers.

The new B2P system includes a "Receive" feature that you can use to mark the date/quantity received and confirm the items are in satisfactory condition. Once you have done so for all items listed on the packing slip, you may discard the paper packing slip. Invoice approvers in B2P are able to see whether orders have been marked Received.

Although this feature is a best practice, it is optional. You can still choose to retain paper packing slips.

Quickcard: Packing Slips for B2P POs

Quickcard: Recording Receipt in B2P


What This Means for Audits

Note that these policy changes were developed in consultation with MIT's Internal Audit Division and Office of Sponsored Programs (OSP) (now Research Administration Services (RAS)) in the Office of the Vice President for Research (VPR). Internal Audit will audit your records based on this revision to the MIT policy. If an external auditor were to disallow a charge due to lack of a receipt, as long as you show you have followed MIT policy, MIT will cover the disallowed charge.



Please refer to our FAQs, or reach out to us at b2p@mit.edu.


FAQs: Financial Record Retention