April 23, 2019

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 is posted on their website.

Transaction Processing

The following are key processing dates for the fiscal year 2019 close-out and transition to fiscal year 2020:

April 30, 2019

• New Purchase Orders for FY20 can be created via Smart Source using accounting date on transaction of 7/1/2019.

May 20, 2019 

• Orders in Smart Source beyond this date require confirmation that delivery will be made on or before June 30, 2019.
• FY19 Open Encumbrance Report sent to Department Heads for review and confirmation.

June 3, 2019

• Deadline to submit FY19 Supplemental Payroll Authorizations to Human Resources via email to hr@drexel.edu.
• Deadline to confirm outstanding encumbrances from FY19 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 FY20.
• BY SPECIAL REQUEST ONLY - Lease payments can be set up via Smart Source in FY20 using accounting date of 7/1/2019.

June 10, 2019

• Deadline to submit FY19 Personnel Budget Transfers to Human Resources Information Systems (HRIS) via email to hris@drexel.edu.

June 17, 2019

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

June 18, 2019

• Deadline to complete leave reports for exempt employees for FY19.

June 28, 2019

• Cut-off for using P-Card for FY19 purchases; goods or services must be received by this date and supplier must upload their charges to the bank no later than July 5, 2019.  The P-Card file will be pulled from JP Morgan on July 8, 2019, and the transactions in that file related to June 2019 will be accrued in FY19. If order does not come in on time or is not charged to P-Card by deadline it will be charged to your FY20 budget.   
• Position Control Roll Processing.

July 1, 2019

• FY20 Confirming Orders and Check Requests can be submitted via Smart Source.
• FY20 Unrestricted Budget available for review in Web*Financials and Hyperion.

July 3, 2019

• 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, 2019.
• Deadline to submit FY19 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 1-5 must use the accounting date of June 30, 2019.  Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.      

July 8, 2019

• Effort Reports issued for 4th Quarter (April 1, 2019, to June 30, 2019) certification period in Banner Effort Reporting System.

July 10, 2019

• Last day to approve FY19 invoices through the Smart Source System.  Invoices not approved will post in FY20.

July 12, 2019

• Year-end roll of encumbrances and beginning balances to FY20. 

August 2, 2019    

• Deadline to submit FY19 Service Department Charges to General Accounting using the Journal Entry Workflow 2.0 or submit forms via email to genaccting@drexel.edu.

• Deadline to submit FY19 Journal Entries (i.e. cost transfers, funding transfers, transaction corrections, accruals) using the Journal Entry Workflow 2.0.

  • For transfers between Unrestricted funds, submit forms to the Office of Budget and Planning via email to budget@drexel.edu.

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

• Deadline for all FY19 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 5, 2019

• July 2019 (Period 1/FY20) Service Department Charges due to General Accounting using the Journal Entry Workflow 2.0 or via email to genaccting@drexel.edu.

• July 2019 (Period 1/FY20) Journal Entries due to General Accounting using the Journal Entry Workflow 2.0.

August 8, 2019

• FY20- Period 1 - July is closed.

August 9, 2019

• All FY19 Labor Redistributions must be approved by Research Accounting Services and HRIS by close of business.
• FY20 designated, restricted and agency budgets available for review in Web*Financials and Hyperion.

August 16, 2019

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

August 24, 2019

• FY19 - Period 12 is closed in Banner. 
• FY19 - Period 14 - Accrual Period is opened.
• Final Period 12 - June 2019 reports available in Web*Financials and Hyperion.

September 5, 2019

• August 2019 (Period 2/FY20) Service Department Charges due to General Accounting using the Journal Entry Workflow 2.0 or via email to genaccting@drexel.edu.
• August 2019 (Period 2/FY20) Journal Entries due to General Accounting using the Journal Entry Workflow 2.0.

September 10, 2019

• FY20 - Period 2 - August is closed.

October 23, 2019

• FY19 Consolidated Financial Statements approved by Board of Trustees' Audit Committee.
• FY19 - 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.