Glossary

This glossary is a collection of terms (and their meanings) heard frequently in the daily life of the Controller's Office. Some are specialized, others are more commonplace - and our intent in compiling them is to help MIT staff, faculty, and students conduct their Controller's Office business more effectively.

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Journal Vouchers

The standardized, regulated form forlogging business transactions and their monetary value into the t-accounts of the accounting journal as either debits or credits. Journal entries must balance (with equal debit and credit values) and most are backed up with a piece of paper; a receipt, a bill, an invoice, or some other direct record of the transaction; making it easy to record and to maintain traceability for each transaction.

Justification

Substantive documentation supporting a vendor, price or product selection.