Office of the Comptroller
Info For:

Fiscal Year 2023 Year-End Closing Schedule

April 17, 2023

In preparation for the 2023 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 2023 close-out and transition to fiscal year 2024:

May 1, 2023

  • New Purchase Orders for FY24 can be created via Smart Source using accounting date on transaction of 7/1/2023.

May 1-5, 2023

  • FY23 Open Encumbrance Report sent to Department Heads for review and confirmation.

May 15, 2023

  • Orders in Smart Source beyond this date require confirmation that delivery will be made on or before June 30, 2023.

June 1, 2023

  • Forward recurring payment requests to sourcing@drexel.edu by June 1, 2023, for fiscal year 2024 activity.  Recurring payments due July 1, 2023 must be paid by June 16, 2023.  Send a comment under the purchase order to acctpay@drexel.edu stating recurring payment required.

June 2, 2023

  • Deadline to submit FY23 Supplemental Payroll Authorizations to Human Resources via email to hr@drexel.edu.
  • Deadline to confirm outstanding encumbrances from FY23 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 FY24.
  • BY SPECIAL REQUEST ONLY - Equipment lease payments can be set up via Smart Source in FY23 using accounting date of 7/1/2023.

June 5, 2023

June 14, 2023

  • Capital Asset Confirmation Process begins. A separate memo will be sent to individuals required to complete confirmations with detailed instructions.

June 23, 2023

  • Deadline to complete leave reports for exempt employees for FY23.

June 26, 2023

  • Deadline to approve leave reports for exempt employees for FY23.

June 30, 2023

  • Cut-off for using P-Card for FY23 purchases; goods or services must be received by this date and supplier must upload their charges to the bank no later than July 5, 2023.  All transactions related to June 2023 will be accrued in FY23. If order does not come in on time or is not charged to P-Card by deadline it will be charged to your FY24 budget. 
  • 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, 2023.
  • Last day to submit a Smart Source check request or confirming order.  Smart Source check requests and confirming orders submitted must use the accounting date of June 30, 2023.  Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department. 
    Position Control Roll Processing.
  • Release of FY23 Q4 Effort Reports (April 1, 2023, to June 30, 2023). 

July 1, 2023

  • FY24 Confirming Orders and Check Requests can be submitted via Smart Source.
  • FY24 Unrestricted Budget available for review in Web*Financials and Hyperion.
  • FY24 Designated, Restricted and Agency Budgets available for review in Web*Financials and Hyperion.

July 3, 2023

  • Deadline to submit FY23 Travel Expense via Concur.

 July 5, 2023

  • Last day to approve FY23 invoices through the Smart Source System.  Invoices not approved will post in FY24.

July 7, 2023

  • Year-end roll of encumbrances and beginning balances to FY24. 

July 18, 2023

  • All FY23 labor redistributions must be approved by Research Accounting Services and HRIS by close of business.

August 2, 2023  

  • Deadline to submit FY23 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 FY23 Journal Entries (i.e. cost transfers, funding transfers, transaction corrections, accruals) using the Journal Entry Workflow 3.0.

  • Deadline to submit FY23 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, 2023

August 4, 2023

  • Deadline for all FY23 and prior Effort Reports to be pre-reviewed and certified in Banner Effort Reporting (3rd and 4th Quarters).

August 8, 2023

  • FY24 - Period 1 - July is closed.

August 11, 2023

  • Deadline for all externally sponsored programs, designated and restricted FY23 deficits to be cleared.

August 19, 2023

  • FY23 - Period 12 is closed in Banner. 
  • FY23 - Period 14 - Accrual Period is opened.
  • Final Period 12 - June 2023 reports available in Web*Financials and Hyperion.

September 6, 2023

September 9, 2023

  • FY24 - Period 2 - August is closed.

October 26, 2023

  • FY23 Consolidated Financial Statements approved by Board of Trustees' Audit Committee.
  • FY23 - 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 sourcing@drexel.edu or contact Procurement Services at 215.895.2876.