Fiscal Year 2018 Year-End Closing Schedule
In preparation for the 2018 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.
The following are key processing dates for the Fiscal Year 2018 close-out and transition to Fiscal Year 2019:
April 30, 2018
- New Purchase Orders for FY 2019 can be created via Smart Source using accounting date on transaction of 7/1/2018.
May 21, 2018
- Orders in Smart Source beyond this date require confirmation that delivery will be made on or before June 30, 2018.
- FY 2018 Open Encumbrance Report sent to Department Heads for review and confirmation.
June 1, 2018
- Deadline to submit FY 2017 Supplemental Payroll Authorizations to Human Resources via email to HR@drexel.edu.
- Deadline to confirm outstanding encumbrances from FY 2018. If encumbrance is not confirmed by this date it will be liquidated, and you will have to create a new purchase order in FY 2019.
- BY SPECIAL REQUEST ONLY - Lease payments can be set up via Smart Source in FY 2019 using accounting date of 7/1/2018.
June 8, 2018
- Deadline to submit FY 2018 Personnel Budget Transfers to Human Resources Information Systems (HRIS) via email to HRIS@drexel.edu.
June 18, 2018
- Capital Asset Confirmation Process begins using Capital Asset Confirmation Tool. A separate memo will be sent to individuals required to complete confirmations with detailed instructions.
June 19, 2018
- Deadline to complete leave reports for exempt employees for FY 2018.
June 29, 2018
- Cut-off for using P-Card for FY 2018 purchases; goods or services must be received by this date and supplier must upload their charges to the bank no later than July 6, 2018. The P-Card file will be pulled from JP Morgan on July 9, 2018, and the transactions in that file related to June 2018 will be accrued in FY 2018. If order does not come in on time or is not charged to P-Card by deadline it will be charged to your FY 2019 budget.
- Position Control Roll Processing.
July 2, 2018
- FY 2019 Confirming Orders and Check Requests can be submitted via Smart Source.
- FY 2019 Unrestricted Budget available for review in Web*Financials and Hyperion.
July 6, 2018
- 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, 2018.
- Deadline to submit FY 2018 Travel Expense, Local Business and Entertainment Reports via email to email@example.com.
- 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, 2018. Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.
July 9, 2018
- Effort Reports issued for 4th Quarter (April 1, 2018, to June 30, 2018) certification period in Banner Effort Reporting System.
July 11, 2018
- Last day to approve FY 2018 invoices through the Smart Source System. Invoices not approved will post in FY 2019.
July 13, 2018
- Year-end roll of encumbrances and beginning balances to FY 2019.
August 3, 2018
Deadline to submit FY 2018 Service Department Charges to General Accounting using the Journal Entry Workflow or submit forms via email to firstname.lastname@example.org.
Deadline to submit FY 2018 Journal Entries (i.e. cost transfers, funding transfers, transaction corrections, accruals) using the Journal Entry Workflow.
Deadline to update assets in the Capital Asset Confirmation Tool.
Deadline for all FY 2018 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.
July 2018 (Period 1/FY19) Service Department Charges due to General Accounting using the Journal Entry Workflow or via email to email@example.com.
July 2018 (Period 1/FY19) Journal Entries due to General Accounting using the Journal Entry Workflow.
August 7, 2018
- Fiscal 2019 - Period 1 - July is closed.
August 10, 2018
- All FY 2018 Labor Redistributions must be approved by Research Accounting Services and HRIS by close of business.
- FY 2019 designated, restricted and agency budgets available for review in Web*Financials and Hyperion.
August 17, 2018
- Deadline for all externally sponsored programs, designated and restricted deficits to be cleared.
August 24, 2018
- Fiscal 2018- Period 12 is closed in Banner.
- Fiscal 2018- Period 14 - Accrual Period is opened.
- Final Period 12 - June 2018 reports available in Web*Financials and Hyperion.
September 6, 2018
September 10, 2018
- Fiscal 2019 - Period 2 - August is closed.
October 24, 2018
- FY 2018 Consolidated Financial Statements approved by Board of Trustees' Audit Committee.
- Fiscal 2018 - Period 14 is closed.
If you have any questions concerning the closing calendar deadlines, email firstname.lastname@example.org or contact General Accounting at 215.895.1442. If you have questions about Procurement Services deadlines, email email@example.com or contact Procurement Services at 215.895.2876.