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UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GL CLOSE FY2014
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
www.maine.edu/about-the-system/system-office/finances/general-ledger-close-exhibits/ .
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 8.
RECONCILIATION SECTION:
INSTRUCTIONS
R01.
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.
BANK ACCOUNTS – GENERAL
DUE
DATE
FORMS TO
SUBMIT
7/13
EXHIBIT I
EXHIBIT IV
7/13
EXHIBIT I
7/13
EXHIBIT IV
7/13
EXHIBIT II
TRIAL BALANCE
Please note that Exhibit I is a self-balancing reconciliation between a cashbook and a
bank statement; thus both sides must be completed.
R02.
BANK ACCOUNTS – CREDIT
CARDS
R03.
IMPREST CASH FUNDS
R04.
RECEIVABLE
A. STUDENT ACCOUNTS
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 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.
The Aging and Allowance Report from the PS Student Financial System that is sent to
your University on July 7th by the System Accounting Department must be reconciled to
the total debit balances on the June 30 Trial Balance Report.
7/13
Journal entries must be prepared and entered for any reconciling adjustments needed to
adjust the student accounts receivable general ledger balance as of June 30, 2014.
Write-off of student receivables must be made by charging your Allowance for Doubtful
Accounts (account code 13003). The Allowance for Doubtful Accounts is also to be
funded to a minimum of the calculated benchmark level.
7/17
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UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GL CLOSE FY2014
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
www.maine.edu/about-the-system/system-office/finances/general-ledger-close-exhibits/ .
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 8.
RECONCILIATION SECTION:
B. NONSTUDENT ACCOUNTS –
PS STUDENT FINANCIALS
SYSTEM
INSTRUCTIONS
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
7/13
EXHIBIT II
EXHIBIT IIC
TRIAL BALANCE
7/13
EXHIBIT II
SPECIAL REPORT
7/13
EXHIBIT II
EXHIBIT IIC
7/13
EXHIBIT II
7/13
EXHIBIT II
7/13
EXHIBIT IX
EXHIBIT IXA
7/13
EXHIBIT IIC
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).
C. NONSTUDENT ACCOUNTS –
MAS90
D. NONSTUDENT ACCOUNTS –
OTHER SYSTEMS
E. ARAS/ISIS CLEARING
ACCOUNTS
F. DIRECT LOAN FUNDS
ADVANCED
R05.
R06.
LOANS RECEIVABLE - PERKINS
AND NURSING
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.
Exhibit II 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 II.
Exhibit II 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.
All direct lending accounts must be reconciled to detail records as of June 30. Refer
to the Direct Loan Reconciliation Process Guide at www.maine.edu/about-thesystem/system-office/finances/instructions-and-forms-for-the-general-ledger-close/ .
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
campus, so that PeopleSoft 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 TRIAL BALANCE Outstanding principal balances for University Loans Receivable must be aged 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 loan receivable account code 13700.
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UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GL CLOSE FY2014
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
www.maine.edu/about-the-system/system-office/finances/general-ledger-close-exhibits/ .
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 8.
RECONCILIATION SECTION:
B. RECONCILIATION
R07.
INVESTMENTS
R08.
PLEDGES RECEIVABLE
A. OUTSTANDING PLEDGES
AND CASH FLOWS
DUE
DATE
FORMS TO
SUBMIT
Exhibit II must be prepared for each chartfield combination listed in the specific
requirements for your campus and journal entries submitted for any difference.
The detail of all other investment accounts, which are campus controlled or
administered, is to be submitted on Exhibit III. All passbooks must be posted as of
June 30 showing interest earned.
7/13
EXHIBIT II
7/13
EXHIBIT III
The following information must be provided as of June 30 for each outstanding
pledge:
7/13
ADVANCE
REPORT
7/13
EXHIBIT XIII
7/13
CAMPUS REPORT
7/13
EXHIBIT II
COPY OF JEs
INSTRUCTIONS
•
•
•
•
•
B. PLEDGE REQUIREMENTS
NOT YET MET
C. UNCOLLECTIBLE PLEDGES
R09.
SUMMER SESSION REVENUE
DEFERRAL AND OTHER
DEFERRED REVENUES
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.
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.
Please note that only a portion of expenditures and revenues related to summer session
activities will be deferred to FY2015. Salaries and wages and the related benefits will not
be deferred at all, but will remain as FY2014 expenses.
st
If you still have pre-April 1 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
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UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GL CLOSE FY2014
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
www.maine.edu/about-the-system/system-office/finances/general-ledger-close-exhibits/ .
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 8.
RECONCILIATION SECTION:
INSTRUCTIONS
DUE
DATE
FORMS TO
SUBMIT
7/10
EXHIBIT VIIA
7/10
EXHIBIT VIIA
EXHIBIT VIIB
EXHIBIT VIIC
EXHIBIT VIID
EXHIBIT VIIE
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, must
HALLS, UNIONS,
be used in preparation of inventory detail in the absence of any computer listings or
COMMISSARIES,
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 campuses 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.
(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.
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UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GL CLOSE FY2014
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
www.maine.edu/about-the-system/system-office/finances/general-ledger-close-exhibits/ .
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 8.
RECONCILIATION SECTION:
C. PREPAID EXPENSES GENERAL
D. PREPAID TRAVEL
R11.
GIFTS PENDING, GIFT
CLEARING AND PAYROLL GIFT
CLEARING ACCOUNTS
INSTRUCTIONS
Only the cost of materials or services received by the campuses during FY2014 (July 1
to June 30) should be recorded in the general ledger as expenses (account codes
6xxxx). If you paid for items in FY2014 that you will not receive in whole or in part until
after FY2014, 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 Travel Administrator for help
with these items.
These accounts must be reconciled at June 30 and any differences adjusted by journal
entries.
DUE
DATE
FORMS TO
SUBMIT
7/10
EXHIBIT VIIA
7/10
EXHIBIT II
7/13
EXHIBIT II
CAMPUS LIST
7/18
CAMPUS REPORT
7/13
EXHIBIT II
7/13
EXHIBIT XI
EXHIBIT XII
EXHIBIT II
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.
STUDENT ACTIVITY ACCOUNTS
R14.
PAYROLL SUSPENSE
ACCOUNTS
The campuses’ purchasing cards must be reconciled to the June 30 general ledger
balance.
Completed reconciliations must be forwarded to the System Accounting
Department.
The campuses 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 FY2014. To accomplish this,
all labor adjustments to clear out the June 30 balance must be made by July 18.
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7/18
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GL CLOSE FY2014
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
www.maine.edu/about-the-system/system-office/finances/general-ledger-close-exhibits/ .
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 8.
DUE
DATE
FORMS TO
SUBMIT
The campuses 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.
7/13
EXHIBIT II
Information needed to update your capital equipment inventories must be forwarded to
the System Accounting Department. Here are a few reminders:
7/31
SYSTEM
GENERATED /
CAMPUS
REVIEWED
RECONCILIATION SECTION:
INSTRUCTIONS
R15.
OTHER SUSPENSE AND
CLEARING ACCOUNTS
R16.
CAPITAL ASSETS
A. CAPITAL EQUIPMENT
INVENTORY
•
•
•
•
R17.
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 System Accounting Department.
B. CAPITAL PROJECTS
The following project attributes must be reviewed to ensure that they accurately reflect
th
information for the project as of June 30 :
• Depreciation status
• Useful life of the building and/or improvements other than buildings
• In-service date
• Categorized expenses
7/17
SYSTEM
GENERATED /
CAMPUS
REVIEWED
C. GENERAL LEDGER
ACCOUNTS 17XXX
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.
Year-to-date gift revenues per the general ledger and per the Advance system must be
reconciled.
8/22
SYSTEM
GENERATED
In Advance, run the “Allocation Summary Report” for July 1, 2013 to June 30, 2014. 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.
7/1
and
7/17
GIFT REVENUE ACCOUNTS
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EXHIBIT II
UNIVERSITY OF MAINE - INSTRUCTIONS FOR THE YEAR-END GL CLOSE FY2014
Exhibits referred to in this document and University specific requirements are located on the Finance and Administration web site at
www.maine.edu/about-the-system/system-office/finances/general-ledger-close-exhibits/ .
PLEASE NOTE THAT JUNE 30 BALANCES IN THE GENERAL LEDGER WILL NOT BE FINAL UNTIL JULY 8.
**END OF INSTRUCTIONS**
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