Important FY21 Year-End Closing Purchasing Timelines
May 13, 2021
In preparation for the Fiscal Year 2021 (FY21) year-end close on Wednesday, June 30, 2021, Drexel Accounts Payable & Procurement Services has compiled key processing dates for the University community. Please review the following carefully to facilitate a smooth end to FY21 and transition to FY22. For additional information on invoice processing, please review the Accounts Payable 2021 Fiscal Year-End Checklist.
FY21 Smart Source Purchases, Invoices & Travel Reimbursements
Purchase Order Processing
Employees must input purchase orders for FY21 as soon as order details are confirmed. There are many factors that affect the purchase order processing time, such as new supplier registration, a Request for Proposal (RFP) requirement or departmental reviews. Orders that are not received by Wednesday, June 30, 2021, will be charged to FY22.
Wednesday, June 30, 2021
- Confirm receipt in Smart Source of any goods or services rendered in FY21. Orders that are not received by Wednesday, June 30, will be charged to FY22.
Thursday, July 1, 2021
- Invoices for goods and services rendered in FY21 must be received by the Digital Mailroom at firstname.lastname@example.org no later than Thursday, July 1, 2021, and the invoice must be dated no later than June 30, 2021.
Tuesday, July 6, 2021
- Employee travel expense forms related to travel conducted through Wednesday, June 30, 2021, must be submitted to email@example.com no later than Tuesday, July 6, 2021. Travel expenses submitted after July 6, regardless of date traveled, will be reflected in FY22.
- FY21 payments processed on a Smart Source check request or confirming order must be submitted through Smart Source by Tuesday, July 6, 2021.
- Deadline to submit PO Change Order request.
Remember: Smart Source check requests and confirming orders submitted July 1-6, 2021, must use the accounting date of June 30, 2021. For assistance on changing an order's accounting date, follow this PDF guideline. An order with an incorrect accounting date will require you to cancel and resubmit the order.
Wednesday, July 7, 2021
- Invoices in Smart Source must be approved by 5 p.m. on Wednesday, July 7, 2021. Invoices approved after July 7, will post to FY22.
Please closely monitor your invoice approval queues to ensure timely handling of year-end invoices!
FY21 Smart Source Purchases
You currently have the ability to create purchase orders in Smart Source for FY22. If you choose to create purchase orders for FY22 before Thursday, July 1, 2021, remember to do the following:
- Smart Source purchase orders for FY22 must have an accounting date of Thursday, July 1, 2021, or later. For assistance on how to change the accounting date on a purchase order, follow this PDF guideline.
- Create an external note to supplier: "This is an order for FY22. All goods/services must be shipped for receipt after Wednesday, June 30, 2021. We will refuse early deliveries." For assistance on how to add an external note, follow this PDF guideline.
Purchasing Card (P-Card) Purchases
Wednesday, June 30, 2021, will be the last day to purchase goods and authorized services for FY21. The supplier must charge your P-Card no later than June 30, 2021. If goods are not received or if the supplier does not charge your P-Card by June 30, the transaction(s) will be reflected in your FY22 budget.
Beginning the week of Monday, May 17, 2021, Financial Managers will receive a separate email from Procurement Services with further instructions on open commitment/encumbrance verification.
If you have any questions, please contact:
Accounts Payable (check requests, gift cards, invoices, payment issues): firstname.lastname@example.org
Purchasing Card Services: email@example.com
Sourcing (confirming orders, purchase requisitions, purchase orders, encumbrances, contracts): firstname.lastname@example.org
Supplier Registration/Smart Source System Issues: email@example.com
Travel Services (travel advance, reimbursements, expense reports): firstname.lastname@example.org