MIT?s fiscal year-end closing is underway. The Office of the Vice President for Finance has developed a short online demonstration to provide guidance to MIT community members. While especially helpful to those who are new to the process, it is also a valuable refresher for experienced administrators.
In addition, the following tips can serve as a helpful guide:
- Familiarize yourself with the FY2016 year-end closing schedule and make sure you are aware of important deadlines for Accounts Payable, Travel, Payroll, WBS elements, etc.
- For researching WBS elements, get your backup in early where required for journal entries.
- Be aware of June 30 deadlines for certain types of activities: receipts to cashiers; final entries to research WBS Elements; credit card activity closed; general Accounts Receivable billing activity closed; internal provider activity closed.
- Review the rules and procedures for making accruals and deferrals of revenues and expenses.
- Learn how to use the Atlas functionality to copy (clone) and reverse a journal voucher. Send questions to firstname.lastname@example.org.
- Close out inactive internal orders by bringing the balance to zero and requesting to be terminated. Send these requests to email@example.com
- Review your restricted gift and endowment fund cost objects (coded with an "R" or a "C" in the Treasurer's Report code field) to make sure you know what the donor's restriction is and that the expenses made against the fund this year meet the restriction.
- Clear out faculty controlled cost center overruns.
- Get your invoices and travel reimbursement forms to Accounts Payable and Travel as soon as possible to ensure they are posted this fiscal year.
An accurate and timely close is important to effective management of Institute finances and assuring a seamless transition to the next fiscal year. Please contact firstname.lastname@example.org if you have any questions about the year-end closing process.