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Fiscal Year 2021 Year-End Closing Schedule

May 1, 2021

In preparation for the 2021 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 will soon be posted on their website.

Transaction Processing

The following are key processing dates for the fiscal year 2021 close-out and transition to fiscal year 2022:

April 30, 2021

  • New Purchase Orders for FY22 can be created via Smart Source using accounting date on transaction of 7/1/2021.

May 17, 2021 

  • Orders in Smart Source beyond this date require confirmation that delivery will be made on or before June 30, 2021.  
  • FY21 Open Encumbrance Report sent to Department Heads for review and confirmation.

June 1, 2021 

  • Forward recurring payment requests to sourcing@drexel.edu by June 1, 2021, for fiscal year 2022 activity. Recurring payments due July 1, 2021 must be paid by June 15, 2021. Send a comment under the purchase order to acctpay@drexel.edu stating recurring payment required.

June 3, 2021 

  • Deadline to submit FY21 Supplemental Payroll Authorizations to Human Resources via email to hr@drexel.edu.
  • Deadline to confirm outstanding encumbrances from FY21 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 FY22.
  • BY SPECIAL REQUEST ONLY - Equipment Lease payments can be set up via Smart Source in FY22 using an accounting date of 7/1/2021.

June 7, 2021

  • Deadline to submit FY21 Personnel Budget Transfers to Human Resources Information Systems (HRIS) via email to hris@drexel.edu

June 16, 2021

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

June 18, 2021

  • Deadline to complete leave reports for exempt employees for FY21.

June 30, 2021

  • Cut-off for using Purchasing Card (P-Card) for FY21 purchases, goods or services must be received by this date, and supplier must upload their charges to the bank no later than July 6, 2021.  All transactions related to June 2021 will be accrued in FY21. If the order does not come in on time or is not charged to P-Card by deadline, it will be charged to your FY22 budget.  
  • Position Control Roll Processing.

July 1, 2021

  • FY22 Confirming Orders and Check Requests can be submitted via Smart Source.FY22
  • Unrestricted Budget available for review in Web*Financials and Hyperion.
  • Release of FY21 Q4 Effort Reports (April 1, 2021 to June 30, 2021). (Note: There will be a shorter certification window so please complete all labor redistributions to correct effort as early as possible.)
  • 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, 202

July 6, 2021

  • Deadline to submit FY21 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 for FY21.  Smart Source check requests and confirming orders submitted between July 1-6 must use the accounting date of June 30, 2021.  Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.

July 7, 2021

  • Last day to approve FY21 invoices through the Smart Source System.  Invoices not approved will post in FY22.

July 9, 2021

  • Year-end roll of encumbrances and beginning balances to FY22.

July 20, 2021

  • All FY21 Labor Redistributions must be approved by Research Accounting Services and HRIS by close of business. ```

August 3, 2021

·        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 FY21 and prior Effort Reports to be pre-reviewed and certified in Banner Effort Reporting. 

August 4, 2021

August 7, 2021

  • FY 22- Period 1 - July 2021 is closed.

August 9, 2021

August 13, 2021

  • Deadline for all externally sponsored programs, designated and restricted FY21 deficits to be cleared.

August 21, 2021

  • FY21-Period 12 - Closed in Banner.
  • FY21-Period 14 - Accrual Period is opened.
  • Final Period 12 - June 2021 reports available in Web*Financials and Hyperion.

September 3, 2021

September 8, 2021

  • FY22 - Period 2 - August 2021 is closed.

October 28, 2021

  • FY21 Consolidated Financial Statements approved by Board of Trustees' Audit Committee.
  • FY21 - 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.