Download 1 - University of Maine

UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
P03.
INSTRUCTIONS
RECEIVABLES STUDENT ACCOUNTS
P05.
RECEIVABLES –
NONSTUDENT – MAS90
P06.
RECEIVABLES – ACCOUNTS
PAYABLE VENDOR CREDITS
The June 30 feed from PS Student Financials will be the last feed to generate
FY2011 entries to the general ledger. Therefore, all FY2011 PS Student
Financials transactions must be finalized by the end of the day June 30.
You must run a trial balance report the morning of July 1 to capture the June
30 student balances. This report must be used in the reconciliation of your
general ledger account for student receivables.
All transactions impacting receivables maintained in MAS90 must be entered
in MAS90 and fed to the general ledger by the end of the day on Wednesday
June 29.
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:
University of Maine System>Accounts Payable>Reports>Reports Home>Trial Balance
& Vendor Credit Balance
Select the appropriate campus and then select ‘Outstanding Vendor Credit Bal’
on the process scheduler request page.
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DUE
DATE
FORMS TO
SUBMIT
6/30
and 7/1
See section
R04.A
6/29
Section
R04.C
6/30
CERTIFICATION
–
AP VENDOR
CREDITS
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
P09.
DUE
DATE
INSTRUCTIONS
ACCRUED EXPENSES - NONPAYROLL
A. ACCOUNTS PAYABLE
The cost of all goods which have been physically received and services which
have been performed by June 30 must be accrued to FY2011. How the accrual
is processed depends on which of the following categories the item belongs to as
UPDATED FOR MARKETPLACE
of June 30.
(1) Purchasing System – Match Exceptions
7/19
Match exceptions related to goods or services physically received on or
before June 30 must be resolved by July 19 so that the amounts can be
accrued to FY2011 and so that the System Office can roll open purchase
orders over to FY2012.
(2) Purchase Orders created between July 1 and July 19
Purchase Orders created between July 1 and July 19 must have an
accounting date consistent with the fiscal year for which the purchase
occurred. FY11 purchases for which a PO was not created by June 30 are
processed using Check Requests, After-the-Fact, 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 an FY2011 purchase the accounting date will be changed
to 6/30/2011.

If the PO is for an FY2012 purchase the accounting date will not be
changed.
Detailed instructions will be sent to Campus
Administrators.
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7/19
FORMS TO
SUBMIT
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
(3) Purchasing System – Receiving information recorded by June 30
7/19
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 FY2011 general ledger. The process for accruing such items
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 19 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 Office 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 Office 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 19.
The process for accruing these items as FY2011 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 19 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 Office 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 Office will provide a listing of such
items to the campuses for their review
3 of 18
7/19
FORMS TO
SUBMIT
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
(5) Invoices Vouchered July 1 thru July 19
7/19
All invoices vouchered through June 30 will be recorded in the FY2011
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 FY2011 accruals. To
process invoices as accruals, they must be submitted to AP Shared Services
with the indication of FY2011.
NOTE: All invoices received by the Universities July 1 through July 19 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 19
Copies of invoices processed after the cutoff date of July 19 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.
These items will be manually accrued to FY2011 by the System Accounting
Department. System Accounting will also record the reversing entry for
FY2012.
NOTE: All invoices received by the Universities July 19 through August 12 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.
4 of 18
8/12
FORMS TO
SUBMIT
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS
DUE
DATE
FORMS TO
SUBMIT
7/19
EXHIBIT V
7/19
See section
R10.D
7/19
See section
R12.A
(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-Dept-Fund-Acct).
WARNING: DO NOT ADD ANY INVOICES TO EXHIBIT V FOR INVOICES PROCESSED IN
PEOPLESOFT WITH AN ACCOUNTING DATE OF JUNE 30, 2011 OR BEFORE, AS THEY
WILL BE DUPLICATED.
B. TRAVEL AND
MODULE
EXPENSE
C. PURCHASING CARD
UPDATED TO INCLUDE
ALL TRANSACTIONS
The costs of all travel and expenses incurred prior to July 1 must be accrued as
FY2011 expenses. Some of the costs for FY2011 will not, however, be paid until
after June 30. For these items, the campuses need to ensure that the trip dates
recorded in the travel module indicate that the travel occurred prior to July 1. The
System Accounting Office will run a process each night to identify the costs paid
for pre-July 1 travel and accrue the items to FY2011 in the general ledger. The
System Office will also process the needed reversing entries for FY2012.
It is imperative that all persons traveling prior to July 1 submit their travel
expense reports prior to July 19 so that the travel costs can be
appropriately accrued to FY2011.
The campuses must map ALL transactions for products or services that have
been received to the general ledger as an expense by the end of the business
day on June 30.
The campuses must map ALL transactions for products or services that have not
been received by June 30, to the general ledger as a prepaid expense by the end
of the day on June 30. See section R10.C of this document for details on
recording prepaid expenses.
5 of 18
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
For mappings made by the campuses to PeopleSoft GL July 1 through July 19,
the campus must determine what items should be accrued to FY2011 and what
items should be charged to FY2012. As has been done in prior years, two
mapper files will need to be created: one for the FY2011 accruals and one for the
FY2012 charges. The process for creating these mapper files is similar to what
has been done in prior years (i.e., authorizing and unauthorizing items to include
or exclude from the mapper file being created).
P11.
STATEMENT OF INCOME
P12.
TOUCHNET
P13.
PAYROLL
A. BIWEEKLY PAYROLL
ACCRUALS
UPDATED FOR BIWEEKLY
RUN
B. STUDENT EMPLOYEE
ACCRUALS
After the mapper file for the accrued items has been created you must make a
few changes to it before uploading it to PeopleSoft GL. You must change the
journal date to 06/30/2011 (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 06/30/2011 date, this mapping entry will
be posted to FY2011 in PeopleSoft GL.
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 FY2011 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.
(1) 100% of Payroll BW1113 (period ending 6/25/2011), which will be paid to
nonstudent employees on July 1, 2011, will be directly charged to FY2011.
(2) As an estimate of the amount owed to nonstudent employees for the last
five days of June, 40% of Payroll BW1113 will be automatically accrued
and charged to FY2011 on July 1, 2011 for all chartfield combinations.
Student wage accruals for FY2011 will be made available by program
generated labor distribution entries as follows:
(1) STUDENT WAGES FOR FUND 00, 03, 10, AND 13 CHARTFIELD
COMBINATIONS
6 of 18
7/1
7/1
6/28
7/11
FORMS TO
SUBMIT
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
B. STUDENT EMPLOYEE
ACCRUALS
(continued)
(a) Payroll BW1113 (period ending 6/25/2011), which will be paid to
student employees on July 1, 2011, will be directly charged to
FY2011. Transactions will be processed June 28.
(b) As a temporary estimate of the amount owed to student employees for
the remainder of June for funds 00, 03, 10, and 13, 40% of Payroll
BW1113 will be encumbered and posted to the FY2011 general ledger
files on June 28. On July 12, the encumbrance will be reversed and
replaced with an accrual of 40% of Payroll BW1114 (period ending
July 9, 2011) which will be charged to FY2011. This accrual will be
reversed in the FY2012 general ledger files during the week ended
July 16.
6/28
6/28
(2) CWS FEDERAL FUNDS
All federal work-study wages for student payroll Payroll BW1113 (period
ending 6/25/2011) will be charged to the FY2011 grant project (C300110).
6/28
In processing payroll BW1114 (period ending 7/09/11), 71% of the first
week in this payroll will be charged to the FY2011 grant project. The 29%
remainder of the first week plus 100% of the second week will be charged
to the FY2012 grant project (C300120).
7/11
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
FY2012 grant project (C300120). This is accomplished by adding a new
row to each rule with an effective date of July 1, 2011 and changing the
project code to C300120. For assistance in updating the distribution rules,
please contact the System Payroll Department.
7 of 18
7/1
FORMS TO
SUBMIT
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
C. LABOR DISTRIBUTION
ADJUSTMENTS
D. OFF-CYCLE PAYROLL,
VOID CHECKS
E. INVOLUNTARY
TERMINATIONS (E.G,
SEVERANCE, PAYMENT IN
LIEU OF NOTICE, AND
RETRENCHMENT)
P14.
P20.
DUE
DATE
INSTRUCTIONS
Labor distribution adjustments processed July 1 thru July 19 will be pointed to
FY2011 if they are for a payroll period that ends on or before June 30, 2011.
Voids checks and off-cycle payroll checks processed July 1 thru July 19 will be
pointed to FY2011 if they are for a payroll period that ends on or before June
30, 2011.
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.
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.
VACATION USAGE
ALL vacation usage to date for FY2011 must be entered in PeopleSoft and
approved by June 24. This includes your expected usage for June 25th thru
June 30th.
GRANTS AND CONTRACTS INCLUDING STUDENT FINANCIAL AID
A. BUDGET ADJUSTMENTS Even though the project period may span multiple fiscal years, project
AND OTHER TYPES OF revenues and expenses must be reported in the correct University fiscal year
CORRECTING ENTRIES
ended June 30. Therefore, journal entries processed during the month of July
(thru July 19) that are corrections of budget, revenue, or expense activity for
FY11 or earlier must be processed in the general ledger as ‘06/30/2011’
journal entries.
B. DEFICITS
Needed steps must be taken to clear real deficit balances (e.g., cost overruns,
errors in budgets, misposted expenses, etc.) before FY2011 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.
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FORMS TO
SUBMIT
7/19
7/19
6/30
6/24
7/19
7/19
INVOLUNTARY
TERMINATION
REPORT
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS
C. PROJECT ATTRIBUTES
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, certify in writing that the following information for each
grant/contract project in the general ledger has been reviewed and is up-todate:
 Principal investigator employee ID
 Project start date and end date
 Grant number
 Billing code
 Grant/contract type
 CFDA number
 Benefit rate(s) for allocations
 F&A rate for allocations
 F&A cost share rate for allocations
 Direct cost share percentages for allocations
To assist with this process, a file will be e-mailed to the Sponsored Programs
offices in early June listing the above information for each open grant/contract
in the general ledger as of May 31, 2011.
Updates to the above information may be processed in the general ledger
system thru July 19; however, please note that the effective date for applicable
items must be ‘06/30/2011’.
9 of 18
DUE
DATE
FORMS TO
SUBMIT
7/19
SPECIAL
REPORT
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS
D. COLLECTABILITY OF
RECEIVABLES
E. REVENUE ACCRUALS
P21.
GIFTS AND PLEDGES –
ADVANCE SYSTEM
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.
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 FY2011.
Throughout the fiscal year, grant revenue has been recorded to the extent of
expenses the System Office has drawn from the sponsoring agencies for letter
of credit grants and contracts and to the extent the campuses have collected it
from the sponsoring agencies for campus billed grants and contracts.
Generally accepted accounting principles, however, require that grant revenue
be recognized to the extent of allowable direct and indirect expenses to be
collected from the sponsoring agency. Therefore, 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 what additional grant revenue (receivable) must be recognized
based on the additional expenses. Factors considered in this analysis include
PTD revenues and expenses, project budget, and the balance of the award not
yet drawn.
In determining the amount of additional revenue to be accrued, the System
Office 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 FY2011 Advance transactions must be fed to the general ledger by the end
of the day June 30.
Note that any deposits associated with these transactions must also be
processed by the campus business office by June 30.
10 of 18
DUE
DATE
FORMS TO
SUBMIT
7/19
CERTIFICATION
– GRANT AND
CONTRACT
RECEIVABLES
7/19
6/30
See sections
R08, R11
and R17
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS
GIFTS AND PLEDGES –
ADVANCE SYSTEM
(continued)
P22.
IMPAIRED CAPITAL ASSETS
P23.
POLLUTION REMEDIAL
OBLIGATIONS
DUE
DATE
FORMS TO
SUBMIT
7/11
CAMPUS
REPORT
7/11
QUESTION
NAIRE
The listing of outstanding pledges receivable required in section R08.A must
be generated after all
FY2011 activity is entered in Advance and before any FY2012 activity is
entered.
Capital assets that have experienced a major change in service utility at June 30,
2011 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 FY2010.
11 of 18
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
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 no later than July 19 using a journal entry
date of June 30.
DUE
FORMS TO
AREA
INSTRUCTIONS
DATE
SUBMIT
R01.
BANK ACCOUNTS –
All bank accounts over which you have control must be reconciled as of June 30.
7/11
EXHIBIT I
GENERAL
Exhibit I is to be completed for each of the accounts to provide a reconciliation
EXHIBIT IV
between the bank balance and your cashbook balance. All supporting data
are 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.
R02.
BANK ACCOUNTS – CREDIT
CARDS
R03.
IMPREST CASH FUNDS
R04.
RECEIVABLES
A. STUDENT ACCOUNTS
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.
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.
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.
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 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. An electronic version of the trial balance report should be submitted to the
System Accounting Department along with Exhibit II.
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7/11
EXHIBIT I
7/11
EXHIBIT IV
7/11
EXHIBIT II
AND TRIAL
BALANCE
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
INSTRUCTIONS
STUDENT ACCOUNTS
(continued)
DUE
DATE
FORMS TO
SUBMIT
7/11
EXHIBIT II
AND TRIAL
BALANCE
Journal entries must be prepared and entered for any differences and be
reported on Exhibit II. Write-off of student receivables must be made by charging
your Allowance for Doubtful Accounts (account code 13003).
The Aging Report from the PS Student Financial System that is sent to your
University on July 2 by the System Accounting Department must be reconciled to
the total debit balances on the June 30 Trial Balance Report.
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.
Journal entries must be prepared and entered for any differences and be
reported on Exhibit II. Write-off 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 II C must be completed to
provide an aging of the nonstudent receivables.
C.
D.
NONSTUDENT
ACCOUNTS – MAS90
NONSTUDENT
ACCOUNTS – OTHER
SYSTEMS
E. ARAS/ISIS CLEARING
ACCOUNTS
F. DIRECT LOAN FUNDS
ADVANCED
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.
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 II C
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.
All direct lending accounts must be reconciled to detail records as of June 30.
Use Exhibit II or similar format.
13 of 18
7/11
EXHIBIT I
SPECIAL
REPORT
7/11
EXHIBIT I
EXHIBIT IIC
7/11
EXHIBIT II
7/11
EXHIBIT II
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
R05.
R06.
R08.
INSTRUCTIONS
Exhibit IX must be prepared for each Loan Fund, reconciling Campus Partners’
records to PeopleSoft. Any differences must be corrected by journal entries
and entered by the University, so that PeopleSoft agrees with Campus
Partners 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 TRIAL
Outstanding principal balances for University loans receivable must be aged
BALANCE
using Exhibit IIC. The aging must be reviewed for recommended write-offs. If
write-offs are required, prepare and enter journal entries debiting account code
65200 and crediting the appropriate note receivable account code 13700.
B. RECONCILIATION
Exhibit II must be prepared for each chartfield combination listed and journal
entries submitted for any difference.
PLEDGES RECEIVABLE
A. OUTSTANDING PLEDGES The following information must be provided as of June 30 for each outstanding
AND CASH FLOWS
pledge:
 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.
B. PLEDGE REQUIREMENTS Occasionally a donor makes a pledge to the University but requires that the
NOT YET MET
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.
LOANS RECEIVABLE PERKINS AND NURSING
14 of 18
DUE
DATE
FORMS TO
SUBMIT
7/11
EXHIBIT IX
EXHIBIT IXA
7/11
EXHIBIT IIC
7/11
EXHIBIT II
7/11
ADVANCE
REPORT
7/11
EXHIBIT XIII
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
R09.
INSTRUCTIONS
DUE
DATE
FORMS TO
SUBMIT
C. UNCOLLECTIBLE
PLEDGES
Specifically identify or provide a percentage of the total outstanding pledges
you estimate will be uncollectible.
7/11
CAMPUS
REPORT
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 Office in April, May, and June
deferred the amounts you intended based on the list of summer session accounts
you previously provided.
7/11
EXHIBIT II
COPY OF
JE’S
7/11
EXHIBIT
VIIA
7/11
EXHIBIT
VIIA
EXHIBIT
VIIB
Please note that only a portion of expenditures and revenues related to summer
session activities will be deferred to FY2012. Salaries and wages and the related
benefits will not be deferred at all, but will remain as FY2011 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, DINING
These inventories are required as of June 30. Exhibit VIIA, or a facsimile thereof,
HALLS, UNIONS,
must be used in preparation of inventory detail in the absence of any computer
COMMISSARIES,
listings or printouts. The value of these inventories must be stated at cost.
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
15 of 18
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
DUE
DATE
INSTRUCTIONS
B. INVENTORIES –
BOOKSTORES
(continued)
C. PREPAID EXPENSES
GENERAL
-
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.
(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.
(4)
Only the cost of materials or services received by the University during FY2011
(July 1 to June 30) should be recorded in the general ledger as expenses
(account codes 6xxxx). If you paid for items in FY2011 that you will not receive
in whole or in part until after FY2011, 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.
16 of 18
FORMS TO
SUBMIT
EXHIBIT
VIIC
EXHIBIT
VIID
EXHIBIT
VIIE
7/11
EXHIBIT
VIIA
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
D. PREPAID TRAVEL
R11.
DUE
DATE
FORMS TO
SUBMIT
7/11
EXHIBIT II
7/11
EXHIBIT II
CAMPUS
LIST
The campuses purchasing cards must be reconciled to the June 30 general
ledger balance. Completed reconciliations must be forwarded to the System’s
Purchasing Card Department (Strategic Procurement).
The Universities are responsible for certain liability accounts in the general
ledger, and although the accounts should be reconciled monthly, they must be
reconciled at June 30. The reconciliation must be prepared on Exhibit II and
any differences adjusted by journal entries. Detail support must be available
upon request.
Balance sheets and trial balances are to be completed for each student activity
bank account still open as of June 30.
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 FY2011. To
accomplish this, all labor adjustments to clear out the June 30 balance must be
made by July 19.
7/11
CAMPUS
REPORT
7/11
EXHIBIT II
7/11
7/19
EXHIBIT XI
EXHIBIT XII
EXHIBIT II
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.
7/11
EXHIBIT II
INSTRUCTIONS
GIFTS PENDING, GIFT
CLEARING AND PAYROLL
CLEARING ACCOUNTS
Prepaid travel accounts (15101) must be reconciled with the balance in the
PeopleSoft travel and expense module. Please feel to contact the System
Procurement Office or the System Accounting Office 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.
R12.
OTHER LIABILITY ACCOUNTS
A. PURCHASING CARD
ACCOUNTS
B. OTHER LIABILITY
ACCOUNTS
R13.
R14.
R15.
STUDENT ACTIVITY
ACCOUNTS
PAYROLL SUSPENSE
ACCOUNTS
OTHER SUSPENSE AND
CLEARING ACCOUNTS
17 of 18
UNIVERSITY OF MAINE
INSTRUCTIONS FOR THE YEAR-END GENERAL LEDGER CLOSE - FY2011
Exhibits referred to in this document and University specific requirements are located on the Finance and Treasurer 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 7.
PROCESSING INSTRUCTIONS AND SPECIAL DATA SUBMISSIONS
AREA
R16.
INSTRUCTIONS
CAPITAL ASSETS
A. CAPITAL EQUIPMENT
INVENTORY
B. CAPITAL PROJECTS
C. GENERAL LEDGER
ACCOUNTS 17XXX
R17.
GIFT REVENUE ACCOUNTS
Information needed to update your capital equipment inventories must be
forwarded to the System’s Capital Asset Accountant. Here are a few reminders:
 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. Please note that these reconciliations will
be prepared by the System Accounting Department.
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, 2010 to June 30,
2011. 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.
18 of 18
DUE
DATE
FORMS TO
SUBMIT
7/31
SYSTEM
GENERATED
/ CAMPUS
REVIEWED
7/31
SYSTEM
GENERATED
/ CAMPUS
REVIEWED
8/23
SYSTEM
GENERATED
7/1
and
7/19
EXHIBIT II