Office of the Comptroller

Fiscal Year 2022 Year End Closing Schedule

April 28, 2022
In preparation for the 2022 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 2022 close-out and transition to fiscal year 2023:

May 2, 2022

  • New Purchase Orders for FY23 can be created via Smart Source using accounting date on transaction of 7/1/2022.

May 9-13, 2022

  • FY22 Open Encumbrance Report sent to Department Heads for review and confirmation.

May 16, 2022

  • Orders in Smart Source beyond this date require confirmation that delivery will be made on or before June 30, 2022.

June 1, 2022

  • Forward recurring payment requests to sourcing@drexel.edu by June 1, 2022, for fiscal year 2023 activity.  Recurring payments due July 1, 2022 must be paid by June 15, 2022.  Send a comment under the purchase order to acctpay@drexel.edu stating recurring payment required.

June 3, 2022

  • Deadline to submit FY22 Supplemental Payroll Authorizations to Human Resources via email to hr@drexel.edu.
  • Deadline to confirm outstanding encumbrances from FY22 for multi-year orders.  If multi-year encumbrance is not confirmed by this date, it will be liquidated, and you will have to create a new purchase order in FY23.
  • BY SPECIAL REQUEST ONLY - Equipment lease payments can be set up via Smart Source in FY22 using accounting date of 7/1/2022.

June 6, 2022

June 15, 2022

  • Capital Asset Confirmation Process begins.  Due to the equipment inventory that is being conducted by Maximus and Asset Services, the confirmation tool is optional for the fiscal year 2022 close.  A separate memo will be sent to individuals with detailed instructions should they wish to make updates and confirm again.

June 24, 2022

  • Deadline to complete leave reports for exempt employees for FY22.

June 27, 2022

  • Deadline to approve leave reports for exempt employees for FY22.

June 30, 2022

  • Cut-off for using P-Card for FY22 purchases; goods or services must be received by this date and supplier must upload their charges to the bank no later than July 5, 2022.  All transactions related to June 2022 will be accrued in FY22. If order does not come in on time or is not charged to P-Card by deadline it will be charged to your FY23 budget.   
  • Position Control Roll Processing.
  • Release of FY22 Q4 Effort Reports (April 1, 2022 to June 30, 2022).  (Note: There will be a shorter certification window, so please complete all labor redistributions to correct effort as early as possible).

July 1, 2022

  • FY23 Confirming Orders and Check Requests can be submitted via Smart Source.
  • FY23 Unrestricted Budget available for review in Web*Financials and Hyperion.
  • FY23 Designated, Restricted and Agency Budgets available for review in Web*Financials and Hyperion.
  • 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, 2022.

July 3, 2022

  • Deadline to submit FY22 Travel Expense, Local Business and Entertainment Reports via email to travel@drexel.edu.
  • Last day to submit a Smart Source check request or confirming order.  Smart Source check requests and confirming orders submitted between July 1-3 must use the accounting date of June 30, 2022.  Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.    

 July 6, 2022

  • Last day to approve FY22 invoices through the Smart Source System.  Invoices not approved will post in FY23.

July 8, 2022

  • Year-end roll of encumbrances and beginning balances to FY23. 

July 19, 2022

  • All FY22 labor redistributions must be approved by Research Accounting Services and HRIS by close of business.

August 2, 2022  

  • Deadline to submit FY22 Service Department Charges to General Accounting using the Journal Entry Workflow 3.0 or submit forms via email for inter-company charges to genaccting@drexel.edu.

  • Deadline to submit FY22 Journal Entries (i.e. cost transfers, funding transfers, transaction corrections, accruals) using the Journal Entry Workflow 3.0.

  • Deadline to submit FY22 transfers between Unrestricted funds using the Journal Entry Workflow 3.0.  For questions, please contact the Office of Budget and Planning via email to budget@drexel.edu.

  • Deadline to update assets in the Capital Assets Confirmation Tool. 

 

August 3, 2022

August 5, 2022

  • Deadline for all FY22 and prior Effort Reports to be pre-reviewed and certified in Banner Effort Reporting (3rd and 4th Quarters).

August 6, 2022

  • FY23 - Period 1 - July is closed.

August 12, 2022

  • Deadline for all externally sponsored programs, designated and restricted FY22 deficits to be cleared.

August 20, 2022

  • FY22 - Period 12 is closed in Banner. 
  • FY22 - Period 14 - Accrual Period is opened.
  • Final Period 12 - June 2022 reports available in Web*Financials and Hyperion.

September 6, 2022

September 9, 2022

  • FY23 - Period 2 - August is closed.

October 27, 2022

  • FY22 Consolidated Financial Statements approved by Board of Trustees' Audit Committee.
  • FY22 - 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.

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