Journal Voucher Process at MIT

1. Journal Voucher Process at MIT Journal Voucher Training

2. JV Approval Workflow • Travel • Travel • Large dollar amount • Yan • Allowables • Yan • Unrestricted Transfers • Yan and Budget • Sponsored WBS • Sponsored Accounting • Equipment • Property • Transaction outside cost object effective dates • Yan • Payroll • Payroll Journal voucher may have several elements which require review and approval prior to posting. Work flow order when multiple approvals required: Approval Journal Voucher Training

3. Transaction Element Not Allowed • Posting issues • Cost object in Term Code 3 status • Cost object past closing date • Invalid GL account • Salary posted to fabricated equipment account • Salaries, travel expenses, or property posted using an SI document • Transferring costs from overrun WBS accounts Issues with Transaction Journal Voucher Training

4. Top Three Reasons for Rejection • Lacks original document number Issues with Transaction • Proper, detailed justification for expense transfer not provided Top Three Reasons for Rejection • Expense transfer is done more than 90 days since the expense hit the system Journal Voucher Training

5. Settlement of GL Accounts • If you need to move an expense out of a settlement G/L account 6XXXXX • Use correct GL account listed on both debit and credit side • State in long text explanation area that you are moving expense out of settlement account Settlement Journal Voucher Training

6. Settlement of GL Accounts List Settlement Journal Voucher Training

7. Please Contact Us Journal Vouchers Office of the Vice President for Finance Massachusetts Institute of Technology 600 Technology Square, NE49-3142 Phone: 617-253-2764 Fax: 617-253-9823 Email: journal-vouchers@mit.edu http://vpf.mit.edu/jv Trainer Yan Jiang, 617-253-2764 yanjiang@mit.edu NE49 600 Technology Square Journal Voucher Training