Office of Sponsored Programs

Monthly Grant & Contract Account Reconciliation

Contract and grant administrators are expected to financially reconcile their project accounts on a monthly basis and to report any errors, discrepancies, or adjustments in a timely fashion to the Office of Sponsored Programs (OSP). Please refer to the University Cost Transfer Policy  for further information. As of July 5, 2005, account summaries and detail of expenditure reports will be available through PeopleSoft and the GL Inquiry Tool - the WebFA$T replacement. Activity prior to that date will still be available via WebFA$T.

Generally, the closing of the month will occur a day or two after the end of the month. At that time, no further postings to that month will be allowed, and transactions reflecting employee benefits and indirect costs will be posted. The Monthly Closing Schedule.

PeopleSoft - Maine Street
A list of your grant projects can be found through GL Inquiry. If you are unable to log on to PeopleSoft or to access the GL Inquiry tool, contact Shannon Mulkeen at x 4411. You may access the GL Inquiry tool via the following navigation in PeopleSoft:

          University of Maine > PeopleSoft > Financials

This will open the Peoplesoft Financials System. Select

          General Ledger > GL Look-up Items > GL Inquiry


Monthly Financial Review Sheet
To ensure that adjustments are posted in the month following the original postings, the Monthly Financial Review Sheet (MFR) is due within 25 days after the monthly closing. This form is available to download.  If you need further assistance, please contact your designated OSP accountant.