Office of the Comptroller
General Accounting

Fiscal Year 2025 Year-End Closing Schedule

In preparation for the 2025 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 be posted on their website.

Transaction Processing

The following are key processing dates for the fiscal year 2025 close-out and transition to fiscal year 2026:

May 1, 2025

  • New Purchase Orders for FY25 can be created via SAP Ariba using accounting date on transaction of 7/1/2025. The goods being ordered should have a need by date after July 1, 2025.

May 5-9, 2025

  • FY25 Open Encumbrance Report sent to Department Heads for review and confirmation.  Please note: All converted POs from SmartSource will be closed with the encumbrance roll on July 8, 2025.

May 14, 2025

  • Orders in SAP Ariba beyond this date require the requester to confirm with the supplier that delivery will be made on or before June 30, 2025. Please note in a comment on the requisition that you have confirmed this with the supplier.

June 1, 2025

  • Recurring payments for FY26 can be created in SAP Ariba via the "Recurring Payment Request Form" under the "Invoice & Payment" tile.  Recurring payments due July 1, 2025, must be submitted by June 11, 2025.  Please refer to Procurement Services' step-by-step guide for submitting a recurring payment request here.

June 2, 2025

  • Deadline to submit FY25 Supplemental Payroll Authorizations to Human Resources via email to hr@drexel.edu.

June 6,2025

  • Deadline to submit FY25 Personnel Budget Transfers to Human Resources Information Systems (HRIS) at hris@drexel.edu.  

June 11, 2025

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

June 20, 2025

  • Deadline to complete leave reports for exempt employees for FY25.
  • SAP Ariba requests with new suppliers will need to be submitted by June 20, 2025, in order to be processed in FY25 and the supplier must complete their registration prior to June 27, 2025.

June 23, 2025

  • Deadline to approve leave reports for exempt employees for FY25.

June 27, 2025

  • Cut-off for using P-Card for FY25 purchases; goods or services must be received by this date and supplier must upload their charges to the bank no later than July 3, 2025. All transactions related to June 2025 will be accrued in FY25. If order does not come in on time or is not charged to P-Card by deadline it will be charged to your FY26 budget.
  • Last day to create goods receipts and PO-based invoices for FY25 payment in SAP Ariba, and the invoice must be dated no later than June 30. 2025.  Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.
  •  Position Control Roll Processing.

June 30, 2025

  • Final payment run of FY25.

July 1, 2025

  • FY26 Confirming Orders and Check Requests can be submitted via SAP Ariba.
  • FY26 Unrestricted Budget available for review in Web*Financials and Hyperion.
  • FY26 Designated, Restricted and Agency Budgets available for review in Web*Financials and Hyperion.
  • Release of FY25 Q4 Effort Reports to Pre-Reviewers (April 1, 2025, to June 30, 2025).

July 2, 2025

  • First payment run of FY26.

July 3, 2025

  • Deadline to submit FY25 Travel Expense via Concur.

July 7, 2025

  • Year-end roll of encumbrances and beginning balances to FY26.

July 15, 2025

  • All FY25 labor redistributions must be approved by Research Accounting Services and HRIS by close of business.

August 4, 2025

  • Deadline to submit FY25 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 FY25 Journal Entries (i.e. cost transfers, funding transfers, transaction corrections, accruals) using the Journal Entry Workflow 3.0.
  • Deadline to submit FY25 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 within Journal Entry Workflow 3.0.
  • Deadline for all FY25 and prior Effort Reports to be pre-reviewed and certified in Banner Effort Reporting (3rd and 4th Quarters).

August 5, 2025

August 8, 2025

  • FY26 - Period 1 - July is closed.
  • Deadline for all externally sponsored programs, designated and restricted FY25 deficits to be cleared.

August 15, 2025

  • FY25 - Period 12 is closed in Banner.
  • FY25 - Period 14 - Accrual Period is opened.
  • Final Period 12 - June 2025 reports available in Web*Financials and Hyperion.

September 4, 2025

September 9, 2025

  • FY26 - Period 2 - August is closed.

October 23, 2025

  • FY25 Consolidated Financial Statements approved by Board of Trustees' Audit Committee.
  • FY25 - 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.

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