April

The University must adopt a new accounting standard (Accounting Standards Codification 842 – Lease Accounting) for leases in FY20.  The new lease accounting standard requires all operating leases (building and equipment) to be recorded as a right of use asset and right of use liability.

The handling of pre-paid expense deferrals and expense accruals will be consistent with the last three fiscal years.  General Accounting processes all prepaid expense deferrals and accruals for all of Drexel University and its subsidiaries, except for Drexel University Online (DUO).  Accruals and deferrals for DUO will be handled by DUO Finance.

In preparation for the 2019 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 will soon be posted on their website.

Over the past several fiscal years, the Office of the Comptroller has worked with various University departments to transition funds that have an unrestricted categorization but do not use fund 110001.  The intent is to eliminate cases (other than fund 110001) were one fund is being used with more than one org or program code combination.  The final wave of this migration is being put in place now so that in FY20 we will have one universal unrestricted fund code.

The Office of the Comptroller will be hosting three live training sessions on the Journal Entry Workflow 2.0 on the following dates and times in the months of June and July just in time for fiscal year-end close.