UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
P03.
P05.
P06.
DUE
DATE
FORMS TO
SUBMIT
The June 30 feed from PS Student Financials will be the last feed to generate FY2013 entries
to the general ledger; however, all FY2013 PS Student Financials transactions must be
finalized by 4:00 p.m. on June 30.
6/30
See section
R04.A
In order to prevent self service transactions from being included in PS SFs before reports
are run, the System Software Support Analyst will turn off TouchNet’s Self Service
Payments and Self Service Tuition Calcs as of Saturday, June 29 at 5:00 p.m. until all
reports have been run on Monday, July 1st, but no later than 1:00 p.m.
6/29 and
7/1
Additionally, in order to prevent tuition transactions from being included in the PS SF
System before reports have been run, the Bursar’s Office at each campus will need to turn
off, before 4:00 p.m. on Sunday, June 30th, any Batch Tuition Calc, Payment Applier and
Third Party Contract Recalc processes scheduled for June 30th. These must remain off until
reports have been run on July 1, but no later than 1:00 p.m.
6/30 and
7/1
The System Accounting Department will run a trial balance report for each campus from
Campus Solutions on July 1 by 1:00 p.m. to capture the June 30 student balances. This
report will be forwarded to each campus to be used in the reconciliation of your general
ledger account for student receivables.
All transactions impacting receivables maintained in MAS90 must be entered and fed to the
general ledger by the end of the day on Thursday, June 27.
7/1
INSTRUCTIONS
RECEIVABLES
STUDENT ACCOUNTS
RECEIVABLES
NONSTUDENT
–
MAS90
RECEIVABLES –
ACCOUNTS PAYABLE
VENDOR CREDITS
Prudent business practices include writing off vendor credits that are not collectible.
Determination of an item as uncollectible should be made, however, only after all
reasonable efforts have been made to collect the credit in cash or to apply it to payment of
another invoice from the vendor, including invoices from other campuses.
Vendor credits in the PeopleSoft accounts payable system that are determined to be
uncollectible must be written off in the accounts payable system by June 30.
A responsible person at each campus must submit a written certification that all significant
uncollectible balances have been identified and written off as of June 30.
You can obtain a listing of your campus’ outstanding vendor credit balances by running a
PeopleSoft report titled, ‘AP Vendor Credit Balance’. The path to this report within the
PeopleSoft financials module is as follows:
1 of 18
6/27
See section
R04.C
6/30
CERTIFICATION
– AP VENDOR
CREDITS
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
University of Maine System>Accounts Payable>Reports>Reports Home>Trial Balance & Vendor
Credit Balance
P09.
Select the appropriate campus and then select ‘Outstanding Vendor Credit Bal’ on the
process scheduler request page.
ACCRUED EXPENSES – NONPAYROLL
A. ACCOUNTS
The cost of all goods which have been physically received and services which have been
PAYABLE
performed by June 30 must be accrued to FY2013. How the accrual is processed depends on
which of the following categories the item belongs to as of June 30.
(1) Purchasing System – Match Exceptions
Match exceptions related to goods or services physically received on or before June 30
must be resolved by July 18 so that the amounts can be accrued to FY2013 and so that
the System Office can roll open purchase orders over to FY2014.
7/18
(2) Purchase Orders Created Between July 1 and July 18
Purchase Orders created between July 1 and July 18 must have an accounting date
consistent with the fiscal year for which the purchase occurred. FY2013 purchases for
which a PO was not created by June 30 are processed using Check Requests, After-theFact, or Personal/Professional Services Forms in MarketPlace. When a PO is created
using one of these forms, the PO will be sent to a Campus Administrator for review prior to
being exported into MaineStreet:

If the PO is for a FY2013 purchase the accounting date will be changed to 6/30/2013.

If the PO is for a FY2014 purchase the accounting date will not be changed.
7/18
Detailed instructions will be sent to Campus
Administrators.
(3) Purchasing System – Vouchering for Items Received by June 30 but Invoiced After
June 30
All items on purchase orders which have been recorded as being received in the
purchasing system but not invoiced as of June 30 must be accrued and charged to the
FY2013 general ledger. The process for accruing such items will depend on whether or
2 of 18
7/18
FORMS TO
SUBMIT
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
not an invoice is vouchered by the cutoff date for accruals:

If the invoice is vouchered during the July 1 thru July 18 time period, follow the
directions in item #5 below.

Any items that are not vouchered by the cutoff date will be accrued by the System
Accounting dkdkdkdkdkdkdkdkdkddd Accounting Department via an accrual process
in PeopleSoft. The chartfield combination indicated on the purchase order will be
charged. Prior to the accrual being processed, the System Accounting Department will
provide a listing of such items to the campuses for their review.
(4) Purchasing System – Receiving Information Recorded After June 30
Any goods or services physically received on or before June 30 must be processed as
received in the purchasing system using a date of June 30 or earlier. Such receiving
must be recorded in the purchasing system by July 18.
7/18
The process for accruing these items as FY2013 expenses will depend on whether or not
an invoice is vouchered by the cutoff date for accruals:

If the invoice is vouchered during the July 1 thru July 18 time period, follow the
directions in item #5 below.

Any items that are not vouchered by the cutoff date will be accrued by the System
Accounting Department via an accrual process in PeopleSoft. The chartfield
combination indicated on the purchase order will be charged. Prior to the accrual
being processed, the System Accounting Department will provide a listing of such
items to the campuses for their review.
(5) Invoices Vouchered July 1 thru July 18
All invoices vouchered through June 30 will be recorded in the FY2013 general ledger.
ALL invoices (including construction invoices) for which material has been received or
services have been provided by June 30 and that have not been vouchered by June 30
must be processed as FY2013 accruals. To process invoices as accruals, they must be
submitted to AP Shared Services with the indication of FY2013.
3 of 18
7/18
FORMS TO
SUBMIT
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
FORMS TO
SUBMIT
NOTE: All invoices received by the Universities July 1 through July 18 must be annotated indicating the
dates materials were received, per recommendation of the Audit Committee, Board of Trustees. Invoices
processed after June 30 will be reviewed by our auditors for inclusion in the accrued expense list.
(6) Invoices Vouchered after July 18
Copies of invoices processed after the cutoff date of July 18 will be forwarded to System
Accounting Department by AP Shared Services IF:



The invoice is for goods or services physically received by the University by June 30
and
The invoice amount is $25,000 or more, and
The item was not manually accrued pursuant to another item under Procedure 09
(P09) of this document.
7/17
to
8/9
These items will be manually accrued to FY2013 by the System Accounting Department.
The System Accounting Department will also record the reversing entry for FY2014.
NOTE: All invoices received by the Universities July 19 through August 9 must be annotated indicating the
dates materials were received. As previously noted under section P09.A(5) of this document, invoices
processed after June 30 will be reviewed by our auditors for inclusion in the accrued expense list.
(7) Other Accruals
Other estimated accruals such as utilities must be prepared on Exhibit V. Please prepare
and enter journal entries for the accrued expenses listed on Exhibit V. The chartfield
combination to be credited for accrued expenses is UMS08-8150100-00-20001 (BU-DeptFund-Acct).
7/18
EXHIBIT V
The campuses must map ALL approved transactions for products or services that have been
received to the general ledger as an expense by the end of the day on June 30.
6/30
See section
R12.A
For mappings made by the campuses to PeopleSoft GL after June 30, the campuses must
process the transactions as follows:
7/18
WARNING: DO NOT ADD ANY INVOICES TO EXHIBIT V FOR INVOICES PROCESSED IN PEOPLESOFT
WITH AN ACCOUNTING DATE OF JUNE 30, 2013 OR BEFORE, AS THEY WILL BE DUPLICATED.
C. PURCHASING
CARD
4 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS
DUE
DATE
FORMS TO
SUBMIT
(1) ALL items with a transaction date prior to July 1 and for which the product or
service was received prior to July 1, need to be approved between July 1 and July
18 and mapped to FY2013 as an expense.
After the mapper file for the accrued FY2013 expenses has been created, you must make
a few changes to file before uploading it to PeopleSoft GL. You must change the journal
date to 06/30/2013 (it defaults to the current date) and give it a unique journal ID. Each
file you upload must have a unique combination of journal date and journal ID otherwise
the system will think you are trying to load an entry that has already been loaded. Based
on the 6/30/2013 journal date, this mapping entry will be posted to FY2013 in PeopleSoft
GL.
(2) Items with a transaction date prior to July 1, and for which the product or service
was received after June 30 are to be treated as a FY2013 prepaid expense and are
not be mapped to FY2014 until July 22 or later.
(See section R10.C of this document for details on prepaid expenses)
The System Accounting Department will run a report on July 19 in PaymentNet to capture
the total amount of the FY2013 prepaid expenses that need to be journalized as of June
30, 2013. This report will be sent to the Campuses for review and approval prior to being
posted.
D. MAJOR
EQUIPMENT
ENCUMBRANCES
(3) Approved items with a transaction date after June 30, and for which the product or
service was received after June 30 will be expensed in FY 2014 and mapped as
usual.
In compliance with Administrative Practice Letter Section III-B, University Chief Financial
Officers may carry over unused departmental funds to pay for major equipment that has been
ordered but not delivered during the current fiscal year. To carryover such funds a journal entry
must be recorded in the ACTUALS ledger, transferring the money from the applicable
department’s chartfield combination to the equipment carryover reserve in fund 15. These
transfer entries must be dated ‘06/30/2013’ and must be posted by July 18. To ensure that
these transfer entries are reversed in FY2014, please note the following:
When creating the 06/30/2013 entry to transfer the money to the reserve, on the journal
header tab click on the hyperlink, “Reversal: Do Not Generate Reversal.” On the new
page that is opened, click the radio button for the reversal option called, “On Date
Specified By User” and enter 07/01/2013 as the reversal date. Click ‘OK’ and finish
your journal entry as usual.
5 of 18
7/22
7/17
7/18
CAMPUS
REPORT
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
P11.
STATEMENT OF
INCOME
P12.
TOUCHNET
P13.
PAYROLL
A. BIWEEKLY
PAYROLL
ACCRUALS
B. STUDENT
EMPLOYEE
ACCRUALS
The University Chief Financial Officer must provide to the Office of Finance & Treasurer (OFT)
a listing of all equipment that is being funded by these transfers. The listing must include the
name of the department providing the funds and the related chartfield combination, a
description of the equipment ordered, and the amount of the order. It must be received by the
OFT prior to the transfer of funds. If the listing has not been received by the day following the
funds transfer, then the transfer will be reversed by the System Accounting Department. If the
listing is not received by the time the books are closed, the transfer will not occur.
All journal entries for bank deposits made on or before June 30 must be recorded in the
general ledger by the end of the day July 1. The entry, however, must be dated June 30
or earlier.
All journal entries for FY2013 TouchNet activity must be recorded in the general ledger by
the end of the day on July 1. The entry, however, must be dated June 30 or earlier.
7/1
7/1
(1) 100% of Payroll BW1313 (period ending 6/22/2013), which will be paid to nonstudent
employees on June 28, 2013, will be directly charged to FY2013. Transactions will be
processed June 25.
6/25
(2) As an estimate of the amount owed to nonstudent employees for the last eight days of
June, 50% of Payroll BW1313 will be automatically accrued and charged to FY2013 on
June 28, 2013 for all chartfield combinations.
6/28
Student wage accruals for FY2013 will be made available by program generated labor
distribution entries as follows:
(1) STUDENT WAGES FOR FUND 00, 03, 10, AND 13 CHARTFIELD COMBINATIONS
(a) Payroll BW1313 (period ending 6/22/2013), which will be paid to student employees
on June 28, 2013, will be directly charged to FY2013. Transactions will be
processed June 25.
6/25
(b) As a temporary estimate of the amount owed to student employees for the
remainder of June for funds 00, 03, 10, and 13, 50% of Payroll BW1313 will be
encumbered and posted to the FY2013 general ledger files on June 25. On July 9,
the encumbrance will be reversed and replaced with an accrual of 50% of Payroll
BW1314 (period ending July 6, 2013) which will be charged to FY2013. This accrual
will be reversed in the FY2014 general ledger files during the week ended July 13.
6/25
7/9
6 of 18
FORMS TO
SUBMIT
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
FORMS TO
SUBMIT
(2) CWS FEDERAL FUNDS
All federal work study wages for student payroll Payroll BW1313 (period ending
6/22/2013), will be charged to the FY2013 grant project (C300130).
6/25
In processing payroll BW1314 (period ending 7/06/13), 100% of the first week in this
payroll will be charged to the FY2013 grant project. 100% of the second week will be
charged to the FY2014 grant project (C300140).
7/10
In a prior fiscal year, special distribution rules were established within the payroll
system to aid in tracking and accounting for federal work study awards. By July 1 the
applicable campus Payroll Department needs to update each of its distribution rules to
include the project number for the FY2014 grant project (C300140).
This is
accomplished by adding a new row to each rule with an effective date of July 1, 2013
and changing the project code to C300140. For assistance in updating the distribution
rules, please contact the System Payroll Department.
7/1
C. LABOR
DISTRIBUTION
ADJUSTMENTS
Labor distribution adjustments processed July 1 thru July 19 will be pointed to FY2013 if
they are for a payroll period that ends on or before June 30, 2013.
7/17
D. OFF-CYCLE
PAYROLL,
VOID CHECKS
E. INVOLUNTARY
TERMINATIONS
(E.G, SEVERANCE,
PAYMENT IN LIEU
OF NOTICE, AND
RETRENCHMENT)
Voids checks and off-cycle payroll checks processed July 1 thru July 19 will be pointed to
FY2013 if they are for a payroll period that ends on or before June 30, 2013.
7/17
In accordance with GASB Statement #47, Accounting for Termination Benefits, amounts to
be paid to employees in the form of severance, payment in lieu of notice, or retrenchment
should be accrued to the current fiscal year if they meet certain criteria. Please see the
document,
Accounting
for
Involuntary
Terminations,
at
http://www.maine.edu/system/oft/oft_yearend.php for guidance on when and in what
amounts these items should be accrued.
6/30
Also located at http://www.maine.edu/system/oft/oft_yearend.php
is a sample template entitled, “Involuntary Terminations Report” that should be used to
report these accruals to either the System Budget Office or the System Accounting
Department. Please also provide a copy of the involuntary plan/announcement/notification.
7 of 18
INVOLUNTARY
TERMINATIONS
REPORT
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
F. COMP
ADJUSTMENT
DEPARTMENTS
(C000003)
As union contracts were settled during FY13, retro pay for soft money employees was
posted to your comp adjustment department. By July 19, amounts chargeable to a grant
should be moved to the grant via a retro distribution in the payroll system.
The System Accounting Department will process a reversing entry for the FY12 portion of
the retro pay that remains in the comp adjustment department after the soft money portion
has been moved.
ALL vacation usage to date for FY2013 must be entered in PeopleSoft and approved by
June 20. This includes your expected usage for June 21st thru June 30th.
P14.
VACATION USAGE
P20.
GRANTS AND CONTRACTS INCLUDING STUDENT FINANCIAL AID
A. BUDGET
Even though the project period may span multiple fiscal years, project revenues and
ADJUSTMENTS
expenses must be reported in the correct University fiscal year ended June 30. Therefore,
AND OTHER
journal entries processed during the month of July (thru July 18) that are corrections of
TYPES OF
budget, revenue, or expense activity for FY2013 or earlier must be processed in the general
CORRECTING
ledger as ‘06/30/2013’ journal entries.
ENTRIES
B. DEFICITS
C. PROJECT
ATTRIBUTES
Needed steps must be taken to clear real deficit balances (e.g., cost overruns, errors in
budgets, misposted expenses, etc.) before FY2013 is closed. To assist you in identifying the
deficits, the System Accounting Department will provide to you a schedule of deficit
balances that exist at June 30.
If after the campus deadline for making adjustments, we determine that there appears to be
a large dollar amount of cost overruns in a grant, we will be contacting the campus CFO to
fund the overruns.
PeopleSoft general ledger is the official accounting record for the University of Maine
System and is the basis for our annual financial statement and federal A-133 audits.
Therefore, it is imperative that information tracked in the general ledger for grants and
contracts be kept up-to-date.
We are requiring that a responsible person in the Sponsored Programs area at each
campus, submit a written certification that the following information for each grant/contract
project in the general ledger has been reviewed and is up-to-date:
 Principal investigator employee ID
 Project start date and end date
8 of 18
FORMS TO
SUBMIT
7/17
6/20
7/18
7/18
7/18
SPECIAL
REPORT
CERTIFICATION
REGARDING
VALIDITY OF
GRANT AND
CONTRACT
PROJECT
ATTRIBUTES
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS







DUE
DATE
FORMS TO
SUBMIT
7/18
CERTIFICATION
– GRANT AND
CONTRACT
RECEIVABLES
Grant number
Billing code
Grant/contract type
CFDA number
F&A rate for allocations
F&A cost share rate for allocations
Direct cost share percentages for allocations
The written certificate is located at http://www.maine.edu/system/oft/oft_yearend.php .
To assist with this process, a file was e-mailed to the Sponsored Programs offices in early
March listing the above information for each open grant/contract in the general ledger as of
February 28, 2013. Please review any new projects created from March 1 to June 30. If
you need assistance in identifying new projects please contact the Director of Accounting at
the System Accounting Department.
D. COLLECTABILITY
OF RECEIVABLES
Updates to the above information may be processed in the general ledger system thru July
18; however, please note that the effective date for applicable items must be ‘06/30/2013’.
Prudent business practices include writing off receivables that are not collectible.
Determination of an item as uncollectible should be made, however, only after all
reasonable efforts have been made to collect the receivable.
The written certificate is located at http://www.maine.edu/system/oft/oft_yearend.php .
E. REVENUE
ACCRUALS
We are requiring that a responsible person at each campus submit a written certification
that all significant uncollectible balances have been identified and written off prior to the
close of the general ledger for FY2013.
Generally accepted accounting principles require that grant revenue be recognized to the
extent of allowable direct and indirect expenses to be collected from the sponsoring agency.
Throughout the fiscal year, the System Accounting Department has run allocations to
recognize grant revenue to the extent of expenses.
After the year-end accrual process for expenses (see section P09 of this document), the
System Accounting Department will perform an analysis of the grants and contracts to
determine the reasonableness of recorded grant receivables. Factors considered in this
analysis include PTD revenues and expenses, project budget, and the balance of the award
not yet drawn.
9 of 18
7/18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
P21.
INSTRUCTIONS
GIFTS AND PLEDGES
– ADVANCE SYSTEM
In determining the reasonableness of the grant receivables, the System Accounting
Department assumes that all expenses recorded for a grant are collectible from the
sponsor. Therefore, it is imperative that the campus has completed the procedures under
steps P20.A-D of this document to remove cost overruns, unallowable expenses, etc. and to
write off uncollectible amounts.
All FY2013 Advance transactions must be fed to the general ledger by the end of the day
June 30.
DUE
DATE
FORMS TO
SUBMIT
6/30
See sections
R08, R11 and
R17
7/15
CAMPUS
REPORT
7/31
QUESTIONNAIRE
Note that any deposits associated with these transactions must also be processed by the
campus business office by June 30.
P22.
IMPAIRED CAPITAL
ASSETS
P23.
POLLUTION
REMEDIAL
OBLIGATIONS
The listing of outstanding pledges receivable required in section R08.A must be generated
after all FY2013 activity is entered in Advance and before any FY2014 activity is entered.
Capital assets that have experienced a major change in service utility at June 30, 2013 must be
reported to the System Accounting Department to determine if there is a possible impairment.
See Administrative Practice Letter Section I-G.2, Section XV “Impairment of Capital Assets” for
more information on impairments.
GASB Statement No. 49 addresses when the University would be required to report a liability in
its financial statements related to cleaning up pollution or contamination. The statement
identifies specific events (obligating events) that trigger a requirement to initially measure
remediation liabilities and subsequent circumstances (recognition benchmarks) that trigger a
requirement for remeasurement.
Guidance on measuring whether or not the University has a pollution remediation obligation
and how to measure the dollar amount is located in the following documents posted on our web
site at http://www.maine.edu/system/oft/oft_yearend.php :


Pollution Remediation Guidance.docx
GASB 49.ppt
Also located at this site is the questionnaire referenced in the guidance document.
This assessment must be made annually and any identified liability accrued in the audited
financial statements. When completing the questionnaires, please be sure to provide an
update for those sites for which you completed a questionnaire in FY2012.
10 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS
DUE
DATE
FORMS TO
SUBMIT
P24.
LEASES (UNIVERSITY
IS LEASING
PROPERTY FROM
ANOTHER ENTITY)
Exhibit XV must be completed to provide information for all leases with a term of more than 1
year. The System Accounting Department will provide you with a copy of Exhibit XV populated
with the lease information you provided as of April 30, 2013. You will just need to update the
schedule. Copies of the actual lease agreements are not needed at this time; however, we
may request a copy of certain agreements after review of the schedule.
Your response should include any leases that have been signed or are in effect at June 30,
2013 even though the first lease payment may not have been made at that time.
7/15
EXHIBIT XV
P25.
LEASES (UNIVERSITY
IS LEASING
PROPERTY TO
ANOTHER ENTITY)
Exhibit XVI must be completed to provide the needed information for all leases with a term of
more than 1 year. The System Accounting Department will provide you with a copy of Exhibit
XVI populated with the lease information you provided as of April 30, 2013. Copies of the actual
lease agreements are not needed at this time; however, we may request a copy of certain
agreements after review of the schedule.
7/15
EXHIBIT XVI
Your response should include any leases that have been signed or are in effect at June 30,
2013 even though the first lease payment may not have been received at that time.
11 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
RECONCILIATION OF JUNE 30 ACCOUNT BALANCES AND SUBMISSION OF DATA
Journal entries needed as a result of these reconciliations must be posted to the general ledger by no later than July 18
using a journal entry date of June 30.
AREA
R01.
DUE
DATE
FORMS TO
SUBMIT
7/10
EXHIBIT I
EXHIBIT IV
7/10
EXHIBIT I
Exhibit IV should be prepared for each imprest cash fund to reconcile the June 30 balance per the
general ledger (the imprest amount) and the cash balance on hand. An example of a reconciling item
is disbursements which have not yet been replenished.
7/10
EXHIBIT IV
A trial balance report run by the System Accounting Department from Campus Solutions the morning
of July 1 will be the official report of outstanding student receivables as of June 30. The balance on
this report must be reconciled to the general ledger student accounts receivable balance as of June 30
using Exhibit II.
7/10
EXHIBIT II
TRIAL
BALANCE
INSTRUCTIONS
BANK
ACCOUNTS –
GENERAL
All bank accounts over which you have control must be reconciled as of June 30. Exhibit I is to be
completed for each of the accounts to reconcile the bank balance and your cashbook balance. All
supporting data is to be retained for each account for that period. This includes bank statements,
canceled checks, debit/credit memos and deposit slips. A copy of the bank statement must be
attached and sent with Exhibit I. To assist with abandoned property reporting, please attach a list
detailing the individual check amounts in the outstanding total on Exhibit I.
Please note that Exhibit I is a self-balancing reconciliation between a cashbook and a bank statement;
thus both sides must be completed.
Exhibit IV must be prepared for each campus bank account to reconcile the June 30 balance per the
general ledger (the imprest amount) and the balance per your cashbook. An example of a
reconciling item is disbursements which have not yet been replenished.
R02.
R03.
R04.
BANK
ACCOUNTS –
CREDIT CARDS
IMPREST CASH
FUNDS
RECEIVABLE
A. STUDENT
ACCOUNTS
The credit card bank accounts must be reconciled as of June 30. Exhibit I is to be completed for each
of the accounts to provide reconciliation between the bank balance and the general ledger balance.
Journal entries must be prepared and entered for any differences and be reported on Exhibit II. Writeoff of student receivables must be made by charging your Allowance for Doubtful Accounts (account
code 13003).
The Aging and Allowance Report from the PS Student Financial System that is sent to your University
on July 8 by the System Accounting Department must be reconciled to the total debit balances on the
June 30 Trial Balance Report.
12 of 18
7/8
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
RECONCILIATION OF JUNE 30 ACCOUNT BALANCES AND SUBMISSION OF DATA
Journal entries needed as a result of these reconciliations must be posted to the general ledger by no later than July 18
using a journal entry date of June 30.
AREA
INSTRUCTIONS
B.
NONSTUDENT
ACCOUNTS –
PS STUDENT
FINANCIALS
SYSTEM
A trial balance report run by the campus from the Campus Solutions Reporting Database the morning
of July 1 will be the official report of outstanding nonstudent receivables as of June 30. The balance
on this report must be reconciled to the general ledger nonstudent accounts receivable balance as of
June 30 using Exhibit II. An electronic version of the trial balance report should be submitted to the
System Accounting Department along with Exhibit II.
DUE
DATE
FORMS TO
SUBMIT
7/10
EXHIBIT II
EXHIBIT IIC
TRIAL
BALANCE
Journal entries must be prepared and entered for any differences and be reported on Exhibit II. Writeoff of nonstudent receivables must be made by charging your allowance for doubtful accounts
(account code 13003).
The outstanding nonstudent account receivables are to be aged and reconciled to the Trial Balance
Report as of June 30. Exhibit IIC must be completed to provide an aging of the nonstudent
receivables.
C.
NONSTUDENT
ACCOUNTS –
MAS90
7/10
EXHIBIT I
SPECIAL
Exhibit I must be used to reconcile the June 30 balance per the general ledger and per the MAS90
system. An ‘Accounts Receivable Aged Invoice Report’ from the MAS90 system must be
forwarded with Exhibit I.
D.
R05.
NONSTUDENT
ACCOUNTS –
OTHER
SYSTEMS
E. ARAS/ISIS
CLEARING
ACCOUNTS
F. DIRECT
LOAN
FUNDS
ADVANCED
LOANS
RECEIVABLE -
Exhibit I must be used to reconcile the June 30 balance per the general ledger and per your
system for tracking other nonstudent receivables. Exhibit IIC must be completed to provide an
aging of the nonstudent receivables.
Reconciliation of the ARAS/ISIS Clearing accounts needs to be completed by the preparation of an
Exhibit II using the June 30 accounting reports.
7/10
EXHIBIT I
EXHIBIT IIC
7/10
EXHIBIT II
7/10
EXHIBIT II
7/10
EXHIBIT IX
EXHIBIT IXA
All direct lending accounts must be reconciled to detail records as of June 30. Refer to the Direct
Loan Reconciliation Process Guide at http://www.maine.edu/system/oft/oft_yearend.php.
Exhibit IX must be prepared for each Loan Fund, reconciling ECSI’s records to PeopleSoft. Any
differences must be corrected by journal entries and entered by the University, so that PeopleSoft
13 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
RECONCILIATION OF JUNE 30 ACCOUNT BALANCES AND SUBMISSION OF DATA
Journal entries needed as a result of these reconciliations must be posted to the general ledger by no later than July 18
using a journal entry date of June 30.
AREA
INSTRUCTIONS
PERKINS AND
NURSING
R06.
R07.
R08.
B. PLEDGE
REQUIREMENTS
NOT YET MET
C. UNCOLLECTIBLE
PLEDGES
FORMS TO
SUBMIT
7/10
EXHIBIT IIC
7/10
EXHIBIT II
7/10
EXHIBIT III
7/10
ADVANCE
REPORT
7/10
EXHIBIT XIII
7/10
CAMPUS
REPORT
agrees with ECSI at June 30.
A detailed listing of student payments is required in support of the Perkins/NSL Miscellaneous
Deposit Account Balance (Exhibit IXA).
LOANS RECEIVABLE – UNIVERSITY
A. DETAILED
Outstanding principal balances for University loans receivable must be aged using Exhibit IIC. The
TRIAL
aging must be reviewed for recommended write-offs. If write-offs are required, prepare and enter
BALANCE
journal entries debiting account code 65200 and crediting the appropriate loan receivable account
code 13700.
B. RECONCILIATION Exhibit II must be prepared for each chartfield combination listed in the specific requirements for your
University and journal entries submitted for any difference.
INVESTMENTS
The detail of all other investment accounts, which are University controlled or administered, is to be
submitted on Exhibit III. All passbooks must be posted as of June 30 showing interest earned.
PLEDGES
RECEIVABLE
A. OUTSTANDING
The following information must be provided as of June 30 for each outstanding pledge:
PLEDGES AND
CASH FLOWS
DUE
DATE





Donor name
Original pledge amount
Pledge balance outstanding (total balance left to be paid)
The amount to be collected from the donor in each future fiscal year
Program title and the general ledger chartfield combination to which the pledge payments will be
posted.
Note that the total cash flows must equal the total pledges outstanding.
Occasionally a donor makes a pledge to the University but requires that the University fulfill certain
requirements (e.g., raise a matching amount of money) before the donor will pay the pledge. Pledges
of this type must not be included in the University’s financial statements until all requirements have
been fulfilled. Therefore, any such items that are included on the list of outstanding pledges from item
R08.A above must be identified. Exhibit XIII must be used to report such pledges. Needed
information includes the donor’s name, pledge date, pledge amount, general ledger chartfield
combination, and a description of the unfulfilled requirements remaining as of June 30
Specifically identify or provide a percentage of the total outstanding pledges you estimate will be
uncollectible.
14 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
RECONCILIATION OF JUNE 30 ACCOUNT BALANCES AND SUBMISSION OF DATA
Journal entries needed as a result of these reconciliations must be posted to the general ledger by no later than July 18
using a journal entry date of June 30.
AREA
R09.
INSTRUCTIONS
SUMMER
SESSION
REVENUE
DEFERRAL AND
OTHER
DEFERRED
REVENUES
The summer session accounts and other deferred revenues and deposit accounts must be reconciled
as of June 30 using Exhibit II. You need to ensure that the allocation process run by the System
Accounting Office in April, May, and June deferred the amounts you intended based on the list of
summer session accounts you previously provided.
DUE
DATE
FORMS TO
SUBMIT
7/10
EXHIBIT II
COPY OF
JE’S
7/10
EXHIBIT VIIA
7/10
EXHIBIT VIIA
EXHIBIT VIIB
EXHIBIT VIIC
EXHIBIT VIID
EXHIBIT VIIE
Please note that only a portion of expenditures and revenues related to summer session activities will
be deferred to FY2014. Salaries and wages and the related benefits will not be deferred at all, but will
remain as FY2013 expenses.
If you still have pre-April 1st items in your summer session accounts that must be deferred, the deferral
adjustment will have to be processed as a June 30 entry after the allocations for June 30 have been
processed. Report such items on a journal entry form, label them as additional summer session
deferral, and send them to the attention of Darla Reynolds in the System Accounting Department. The
adjustment will be made for you after the allocations have run for June. The monthly allocation
process will generate the wrong deferral amount if the adjustment is made before the allocations run.
R10.
INVENTORIES AND PREPAID EXPENSES
A. CAFETERIAS,
These inventories are required as of June 30. Exhibit VIIA, or a facsimile thereof, must be used in
DINING HALLS,
preparation of inventory detail in the absence of any computer listings or printouts. The value of these
UNIONS,
inventories must be stated at cost.
COMMISSARIES,
UNIVERSITY
PRESS,
CENTRAL
SUPPLY
B. INVENTORIES –
BOOKSTORES
A physical inventory count is required for all Universities as of June 30. Exhibit VIIA, or a reasonable
facsimile, may be used in lieu of computer listings. Stated value is to be at cost. Please note that if
your computerized inventory system provides the actual cost of each item in inventory, use the actual
cost instead of using cost ratios to roll the inventory back to estimated cost from the retail amount. If it
is necessary to roll back the inventory from retail, the percentages used in devaluing to cost must be
indicated on Exhibit VIIB which is the Bookstore Inventory Summary. The following schedules in
support of your physical inventory must also be included:
(1) Returns, for which credit has not been received using Exhibit VIIC.
(2) Received-not billed using Exhibit VIID. This is for inventory which has been counted
and included in the physical inventory, but for which the appropriate invoices have not
been received and/or processed and included on the June 30 Financial Reports.
15 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
RECONCILIATION OF JUNE 30 ACCOUNT BALANCES AND SUBMISSION OF DATA
Journal entries needed as a result of these reconciliations must be posted to the general ledger by no later than July 18
using a journal entry date of June 30.
AREA
INSTRUCTIONS
DUE
DATE
FORMS TO
SUBMIT
7/10
EXHIBIT VIIA
7/10
EXHIBIT II
7/10
EXHIBIT II
CAMPUS
LIST
7/10
CAMPUS
REPORT
7/10
EXHIBIT II
7/10
EXHIBIT XI
EXHIBIT XII
(3) Any obsolete, damaged or extremely slow-moving inventory must be separately
counted, valued and identified by category; i.e. books, novelties, etc. The detail for
this inventory must be reported on Exhibit VIIA and the totals carried forward to Exhibit
VIIE. Your estimates of net realizable value and recommendation for disposition must
also be noted or commented upon with an attachment to Exhibit VIIE.
C. PREPAID
EXPENSES GENERAL
D. PREPAID
TRAVEL
R11.
R12.
R13.
Only the cost of materials or services received by the University during FY2013 (July 1 to June 30)
should be recorded in the general ledger as expenses (account codes 6xxxx). If you paid for items in
FY2013 that you will not receive in whole or in part until after FY2013, you must record these items as
an asset called prepaid expenses (account code 15000). An example of an item that is generally
prepaid, at least in part, is software support or maintenance costs. The bill is paid in one fiscal year;
however, the period covered by the maintenance agreement falls partly in the current fiscal year and
partly in the next fiscal year. The dollar amount of the invoice must be prorated so that the costs
allocable to the next fiscal year are recorded as a prepaid expense. See the System’s Administrative
Practice Letter Section I-A, “Prepaid Expenses and Deferred Revenues” for more information.
Exhibit VIIA must be completed, detailing the items that comprise prepaid expenses.
Prepaid travel accounts (15101) must be reconciled with the balance in the PeopleSoft travel and
expense module. Please feel free to contact the System Procurement Office or the System
Accounting Department for help with these items.
These accounts must be reconciled at June 30 and any differences adjusted by journal entries.
A listing must be provided to support the June 30 balance in these accounts. The listing must include
the following information: date of gift, donor’s name, amount of gift, title of the program code to be
created/chartfield combination to which the gift will eventually be credited, and restrictions.
GIFTS PENDING,
GIFT CLEARING
AND PAYROLL
GIFT CLEARING
ACCOUNTS
OTHER LIABILITY ACCOUNTS
A. PURCHASING The campuses purchasing cards must be reconciled to the June 30 general ledger balance.
CARD
Completed reconciliations must be forwarded to the System’s Purchasing Card Department
ACCOUNTS
(Strategic Procurement).
B. OTHER
The Universities are responsible for certain liability accounts in the general ledger, and although
LIABILITY
the accounts should be reconciled monthly, they must be reconciled at June 30. The reconciliation
ACCOUNTS
must be prepared on Exhibit II and any differences adjusted by journal entries. Detail support must
be available upon request.
STUDENT
Balance sheets and trial balances are to be completed for each student activity bank account still
ACTIVITY ACCTS open as of June 30.
16 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
RECONCILIATION OF JUNE 30 ACCOUNT BALANCES AND SUBMISSION OF DATA
Journal entries needed as a result of these reconciliations must be posted to the general ledger by no later than July 18
using a journal entry date of June 30.
AREA
INSTRUCTIONS
DUE
DATE
FORMS TO
SUBMIT
R14.
PAYROLL
SUSPENSE
ACCOUNTS
Payroll suspense accounts must be reconciled as of
June 30 using form Exhibit II. The balance in these accounts must be brought to a zero balance
prior to the general ledger being closed for FY2013. To accomplish this, all labor adjustments to
clear out the June 30 balance must be made by July 19.
7/17
EXHIBIT II
R15.
OTHER
SUSPENSE AND
CLEARING
ACCOUNTS
CAPITAL ASSETS
A. CAPITAL
EQUIPMENT
INVENTORY
The Universities are responsible for certain suspense and clearing accounts in the general ledger.
Although the accounts should be reconciled monthly, they must be reconciled at June 30 and the
balances brought to zero.
7/10
EXHIBIT II
Information needed to update your capital equipment inventories must be forwarded to the System’s
Capital Asset Accountant. Here are a few reminders:
7/31
SYSTEM
GENERATED
/ CAMPUS
REVIEWED
7/31
SYSTEM
GENERATED
/ CAMPUS
REVIEWED
8/23
SYSTEM
GENERATED
R16.




B. CAPITAL
PROJECTS
C. GENERAL
LEDGER
ACCOUNTS
17XXX
Capital equipment (including furniture and motor vehicles) includes any items with a unit cost
of $5,000 or more with a useful life of more than one year. See Administrative Practice Letter
Section I-G.2 “General Accounting for Capital Assets” for more information on capital assets.
Equipment should be recorded in the inventory system only if it has been received and must
be recorded at actual cost, not at the purchase order amount.
The chartfield combination to be entered in the inventory system is the combination that was
charged for the purchase. Thus, if the equipment was purchased with grant money, the grant
project combination must be entered, not the department’s fund 00 combination.
Campuses are responsible for tagging all capital assets and reporting the information to the
Capital Asset Accountant.
The following project attributes must be reviewed to ensure that they accurately reflect information for
the project as of June 30th:
 Depreciation status
 Useful life of the building and/or improvements other than buildings
 In-service date
 Categorized expenses
All general ledger accounts for capital assets (account code series 17xxx) must be reconciled to the
supporting detail. Note that these reconciliations will be prepared by the System Accounting
Department.
17 of 18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE
FY2013
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
http://www.maine.edu/system/oft/oft_yearend.php.
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 5.
RECONCILIATION OF JUNE 30 ACCOUNT BALANCES AND SUBMISSION OF DATA
Journal entries needed as a result of these reconciliations must be posted to the general ledger by no later than July 18
using a journal entry date of June 30.
AREA
R17.
INSTRUCTIONS
GIFT REVENUE
ACCOUNTS
Year-to-date gift revenues per the general ledger and per the Advance system must be reconciled.
In Advance, run the “Allocation Summary Report” for July 1, 2012 to June 30, 2013. In PeopleSoft,
run the general ledger “Reconciliation Report” year-to date for Period 12. The campuses need to
resolve the discrepancies and make adjustments as needed to the general ledger or Advance system.
**END OF INSTRUCTIONS*
18 of 18
DUE
DATE
FORMS TO
SUBMIT
7/1
and 7/18
EXHIBIT II