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Fiscal Year 2020 Year-End Closing Schedule

April 27, 2020

In preparation for the 2020 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 2020 close-out and transition to fiscal year 2021:

April 30, 2020

  • New Purchase Orders for FY21 can be created via Smart Source using accounting date on transaction of 7/1/2020.

May 18, 2020

  • Orders in Smart Source beyond this date require confirmation that delivery will be made on or before June 30, 2020.
  • FY20 Open Encumbrance Report sent to Department Heads for review and confirmation.

June 1, 2020

  • Deadline to submit FY20 Supplemental Payroll Authorizations to Human Resources via email to hr@drexel.edu.
  • Deadline to confirm outstanding encumbrances from FY20 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 FY21.
  • BY SPECIAL REQUEST ONLY - Lease payments can be set up via Smart Source in FY20 using accounting date of 7/1/2020.

June 8, 2020

  • Deadline to submit FY20 Personnel Budget Transfers to Human Resources Information Systems (HRIS) via email to hris@drexel.edu.

June 17, 2020

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

June 19, 2020

  • Deadline to complete leave reports for exempt employees for FY20.

June 30, 2020

  • Cut-off for using P-Card for FY20 purchases; goods or services must be received by this date and supplier must upload their charges to the bank no later than July 7, 2020.  The P-Card file will be pulled from JP Morgan on July 8, 2020, and the transactions in that file related to June 2020 will be accrued in FY20. If order does not come in on time or is not charged to P-Card by deadline it will be charged to your FY21 budget.   
  • Position Control Roll Processing.

July 1, 2020

  • FY21 Confirming Orders and Check Requests can be submitted via Smart Source.
  • FY21 Unrestricted Budget available for review in Web*Financials and Hyperion.

July 3, 2020

  • 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, 2020.

July 6, 2020

  • Deadline to submit FY20 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 1-6 must use the accounting date of June 30, 2020.  Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.    

 July 8, 2020

  • Effort Reports issued for 4th Quarter (April 1, 2020, to June 30, 2020) certification period in Banner Effort Reporting System.
  • Last day to approve FY19 invoices through the Smart Source System.  Invoices not approved will post in FY21.

July 10, 2020

  • Year-end roll of encumbrances and beginning balances to FY21. 

July 21, 2020

  • All FY21 labor redistributions must be approved by Research Accounting Services and HRIS by end of close.

August 4, 2020  

  • Deadline to submit FY20 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 FY20 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 FY20 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, 2020

    August 8, 2020

    • FY21 - Period 1 - July is closed.

    August 10, 2020

    • FY21 designated, restricted and agency budgets available for review in Web*Financials and Hyperion.

    August 14, 2020

    • Deadline for all externally sponsored programs, designated and restricted FY20 deficits to be cleared.

    August 22, 2020

    • FY20 - Period 12 is closed in Banner. 
    • FY20 - Period 14 - Accrual Period is opened.
    • Final Period 12 - June 2020 reports available in Web*Financials and Hyperion.

    September 3, 2020

    September 9, 2020

    • FY21 - Period 2 - August is closed.

    October 28, 2020

    • FY20 Consolidated Financial Statements approved by Board of Trustees' Audit Committee.
    • FY20 - 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.