June 4, 2019

The year-end training video series entitled, Fiscal Year 2019 Year- End Closing: Ensuring a Smooth Transition, has been posted to the Comptroller's Office Training Channel in Microsoft Stream. The training will also be posted early next week in Career Pathway via the DrexelOne portal for any employee who wants to watch the training and also obtain credit for their performance review. Managers can also assign this training in Career Pathway to members of their teams. This year's training is broken into six modules as follows:

Part 1 – Year-End Closing Schedules
This section of the year-end closing training provides where to find the detailed year-end closing calendar and accrual and deferral process information.  The video provides information on how to access the training videos on Microsoft Stream in the Comptroller’s Office Training Channel.

Part 2 - Encumbrances, Beginning Balances and Year-End Roll Processes
This section of the year-end closing training provides a detailed explanation of encumbrances and how they are handled at Drexel and its subsidiaries.  The video provides information on when an encumbrance can and cannot be liquidated in the old and new fiscal years;  how encumbrances impact payment of invoices as we transition from one fiscal year to another; when encumbrances should and should not be liquidated; how encumbrances are evaluated in determining budget deficits; when the beginning balance and encumbrance roll processes are scheduled for FY19 close. 

Part 3 – Key Dates and Deadlines
This section reviews in detail the deadlines for research funds, salary-related Items, general accounting items and budget transfers.

Part 4 – Overview of Journal Workflow and Prepaid Expense Accruals
This section of the training provides an overview of journal workflow and its enhancements.  The video also provides details on how to navigate to the Journal Workflow 2.0 Introductory training on the Comptroller’s Training Channel in Stream.  The video also provides definitions and process for handling prepaid expenses at Drexel, the Academy of Natural Sciences (ANS), and Drexel University Online (DUO).

Part 5 – Deferred Revenues
This module of the training describes the definition of deferred revenues and how they are accounted for at Drexel, ANS and DUO.  The video provides examples of how various scenarios of deferred revenues would be handled.

Part 6 – Accrued Revenues and Expenses
This video provides detailed descriptions of the types of expense accruals, how accounts payable accruals are handled, how other accruals are handled and how revenue accruals are handled.  The video provides practical examples for all types of accruals presented.

As always, I welcome your feedback and hope that you will find this training methodology convenient and beneficial. If you have any question about the materials, please contact me via email at russop@drexel.edu or call at 215.571.4478.