Transcript First Meeting of Working Group Co

Journal Voucher Process
at MIT
Office of the Vice President for Finance
Massachusetts Institute of Technology
Journal Voucher Training
JV Approval Workflow
Journal voucher may have several elements which require review and approval
prior to posting. Work flow order when multiple approvals required:
Payroll
Travel
• Payroll
• Travel
Large dollar
amount
• Yan
Equipment
Allowables
• Property
• Yan
Unrestricted
Transfers
• Yan and Budget
Sponsored WBS
Transaction outside cost object effective dates
• Sponsored
Accounting
• Yan
Approval
Office of the Vice President for Finance
Massachusetts Institute of Technology
Journal Voucher Training
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
Office of the Vice President for Finance
Massachusetts Institute of Technology
Issues with
Transaction
Journal Voucher Training
Top Three Reasons for Rejection

Lacks original document number

Proper, detailed justification for expense
transfer not provided

Top
Three
Expense transfer is done more than 90 days
since the
expense hit thefor
system
Reasons
Rejection
Issues with
Transaction
Office of the Vice President for Finance
Massachusetts Institute of Technology
Journal Voucher Training
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
Office of the Vice President for Finance
Massachusetts Institute of Technology
Journal Voucher Training
Settlement of GL Accounts List
Settlement G/L Account
Correct G/L account
need to be used for JV
600601
420286
600603
420286
600607
420274
600700
420100
600807
421316
Settlement
Office of the Vice President for Finance
Massachusetts Institute of Technology
Journal Voucher Training
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: [email protected]
http://vpf.mit.edu/jv
Trainer
Yan Jiang, 617-253-2764
[email protected]
NE49
600 Technology Square
Office of the Vice President for Finance
Massachusetts Institute of Technology
Journal Voucher Training