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Final Deadlines for Fiscal Year 2017 Year-End Close-out

August 1, 2017

The fiscal year end close-out is in its final stages. Please take a moment to review the important deadlines listed below to ensure that all of your Fiscal Year 2017 activities are properly recorded:

Fixed Assets Confirmations - Due by Friday, August 4, 2017

Custodians of fixed assets or financial managers should take one final review to check the status of any of the assets that have been assigned to them in the Fixed Asset Confirmation Tool which can be found under the "Applications" menu of the Journal Entry Workflow. Please review your assets for proper locations, statuses and custodians. Please use the comments field to make any updates for fields that are not editable. Please note that you need to indicate that the status of the asset is "DS-Disposed/Junked" in order for the asset to be written-off in FY 2017. All other statuses will be considered in use. Please complete your final reviews by Friday, August 4, 2017.

Journal Entries/Service Department Charges/Transaction Correction Forms - Due by Friday, August 18, 2017

Journal entries, service department charges, and transaction correction forms will be accepted by the Comptroller's Office through Friday, August 18, 2017. Entries submitted through the workflow must be approved by that date or we do not guarantee that it will be processed in Fiscal Year 2017. Please be sure to indicate that the transaction is for FY 2017 and when using the workflow, remember to select a date of June 30, 2017. After August 18, 2017, the Journal Workflow Tool, will no longer permit the use of the June 30, 2017 date.

Labor Redistributions - Due by Friday, August 11, 2017

All labor redistributions for FY 2017 and prior must be fully approved by the department by the Friday, August 11, 2017 to ensure adequate time to review by Research Accounting Services and HRIS.

Effort Reports - Pre-Reviews - Due Immediately / Certifications - Due Friday, August 18, 2017

Effort reports for all periods need to be pre-reviewed immediately to ensure all labor redistributions are captured by the Friday, August 11, 2017 deadline. Certifications of Effort Reports for all periods in FY 2017 and prior must be completed by Friday, August 18, 2017. Any reports that are not certified by the August 18, 2017 deadline will be considered out of compliance and subject to potential management comments on our Uniform Guidance audit.

Deficits on Unrestricted, Externally Sponsored Programs, Designated and Restricted Funds - Due Friday, August 18, 2017

All deficits on all funds must be resolved by the close of business on Friday, August 18, 2017.

Accounts Payable Accruals

July 14-August 4, 2017 - All invoices processed through Accounts Payable will be accrued by General Accounting within 3 business days of receipt of the report from Accounts Payable.

August 7-11, 2017 - Accrual threshold for processing Accounts Payable accruals increases to $25,000 for Drexel and $5,000 for the Academy of Natural Sciences and Drexel University Online.

August 14-18, 2017 - Accrual threshold for processing Accounts Payable accruals increases to $50,000 for Drexel and $25,000 for the Academy of Natural Sciences and Drexel University Online.

August 21-September 22, 2017 - Accrual threshold for processing Accounts Payable accruals increases to $100,000 for Drexel and $50,000 for the Academy of Natural Sciences and Drexel University Online. These accruals also require the approval of the Associate Vice President and Comptroller.

To ensure that we do not duplicate expense accruals, please do not send accruals to General Accounting for invoices that you have already sent for processing to Accounts Payable. These items will be sent to us on a daily basis by Accounts Payable. Please allow at least 3 days before contacting General Accounting about the status. The only accruals that should be sent directly to General Accounting are those were the invoice has not been received from the vendor and you know that you have incurred the expense. We encourage you to reach out to General Accounting if you do not see an accrual processed for an invoice relating to Fiscal Year 2017 after 3 days.

Thank you for your cooperation with adhering to the fiscal year-end closing schedule please do not hesitate to contact me at 215.571.4478 or by email at russop@drexel.edu.