For a better experience, click the Compatibility Mode icon above to turn off Compatibility Mode, which is only for viewing older websites.

Fiscal Year 2017 Year-End Closing Schedule

In preparation for the 2017 fiscal year-end close, the following guidelines and calendar outline the standard closing requirements. Please review and circulate this information so that everyone is familiar with the guidelines and important deadlines. This will assist in making the year-end closing process more efficient.  Procurement Services' year-end information is posted on their website.

Transaction Processing

The following are key processing dates for the Fiscal Year 2017 close-out and transition to Fiscal Year 2018:

May 1, 2017 

  • Duff and Phelps onsite to begin Physical Equipment Inventory
  • Capital Asset Confirmation Tool available for departments to make updates to assets not in buildings being inventoried by Duff and Phelps.  It is not required, but highly recommended that each custodian and/or financial manager review to ensure all disposals related to FY 2017 are recorded.

May 15, 2017

  • New Purchase Orders for FY 2018 can be created via Smart Source using accounting date on transaction of 7/1/2017.
  • FY 2017 Open Encumbrance Report sent to Department Heads for review and confirmation.

May 19, 2017 

  • Orders in Smart Source beyond this date require confirmation that delivery will be made on or before June 30, 2017.

May 29, 2017 

  • FY 2017 Open Encumbrance Report sent to Department Heads for review and confirmation.

June 2, 2017 

  • Deadline to submit FY 2017 Supplemental Payroll Authorizations to Human Resources via email to HR@drexel.edu.
  • Deadline to confirm outstanding encumbrances FY 2017.  If encumbrance is not confirmed by this date it will be liquidated, and you will have to create a new purchase order in FY 2018.

June 9, 2017

June 20, 2017

  • Deadline to complete leave reports for exempt employees for FY 2017.

June 26, 2017

  • BY SPECIAL REQUEST ONLY - Lease payments can be set up via Smart Source in FY 2018 using accounting date of 7/1/2017.

June 30, 2017 

  • Cut-off for using P-Card for FY 2017 purchases; goods or services must be received by this date and supplier must upload their charges to the bank no later than July 7, 2017.  The P-Card file will be pulled from JP Morgan on July 10, 2017, and the transactions in that file related to June 2017 will be accrued in FY 2017. If order does not come in on time or is not charged to P-Card by deadline it will be charged to your FY 2018 budget.   
  • Position Control Roll Processing.

July 3, 2017

  • FY 2018 Confirming Orders and Check Requests can be submitted via Smart Source.
  • FY 2018 Unrestricted Budget available for review in Web*Financials and Hyperion.

July 5, 2017 

  • Last day to submit invoices and requests for payments to Digital Mail Room (Drexel_University@edmamericas.com) and the invoice must be dated no later than  June 30, 2017.
  • Deadline to submit FY 2017 Travel Expense, Local Business and Entertainment Reports via email to travel@drexel.edu.

July 7, 2017

  • Last day to submit a Smart Source check request or confirming order.  Smart Source check request and confirming order submitted between July 1-7 must use the accounting date of June 30, 2017.  Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.   
  • Leave roll processing.

July 10, 2017

  • Effort Reports issued for 4th Quarter (April 1, 2017, to June 30, 2017) certification period in Banner Effort Reporting System.
  • Deadline to submit final Funding Transfer Forms for FY 2017.
  • For transfers between Unrestricted funds, submit forms to the Office of Budget and Planning via email to budget@drexel.edu.
  • Year-end roll of encumbrances and beginning balances to FY 2018.  Budget roll for plant funds and grant funds only.

July 12, 2017

  • Last day to approve FY 2017 invoices through the Smart Source System.  Invoices not approved will post in FY 2018.

July 28, 2017

  • Deadline to submit FY 2017 Service Department Charges, Transaction Correction forms, and supporting documentation for accruals to General Accounting using the Journal Entry Workflow or submit forms via email to genaccting@drexel.edu.
  • Deadline to update assets in the Capital Asset Confirmation Tool.
  • Deadline for all FY 2017 and prior Effort Reports to be pre-reviewed and certified in both Banner Effort Reporting (3rd and 4th Quarters) and Maximus (July 2015 to December 2016).  All labor redistributions must be approved by Research Accounting Services by this date in order to be processed in the correct fiscal year.

August 3, 2017

August 8, 2017

  • Fiscal 2018 - Period 1 - July is closed.

August 11, 2017

  • All FY 2017 Labor Redistributions must be approved by RAS and HRIS by close of business.
  • FY 2018 designated, restricted and agency budgets available for review in Web*Financials and Hyperion.

August 18, 2017

  • Deadline for all externally sponsored programs, designated and restricted deficits to be cleared.

August 25, 2017

  • Fiscal 2017- Period 12 is closed in Banner. 
  • Fiscal 2017- Period 14 - Accrual Period is opened.
  • Final Period 12 - June 2017 reports available in Web*Financials and Hyperion.

September 6, 2017

September 9, 2017

  • Fiscal 2017 - Period 2 - August is closed.

October 25, 2017

  • Consolidated Financial Statements approved by Board of Trustees.
  • Fiscal 2017 - Period 14 is closed.

  

If you have any questions concerning the closing calendar deadlines, email genaccting@drexel.edu or contact General Accounting at 215.895.1442.  If you have questions about Procurement Services deadlines, email askprocure@drexel.edu or contact Procurement Services at 215.895.2876.