Important FY22 Year-End Closing Purchasing Timelines
May 4, 2022
In preparation for the FY2022 year-end close on Thursday, June 30, 2022, Drexel Accounts Payable & Procurement Services has compiled key processing dates. Please read the following carefully to facilitate a smooth end to FY22 and transition to FY23. For additional information on invoice processing, please review the Accounts Payable 2022 Fiscal Year-End Check List.
FY22 SMART SOURCE PURCHASES, INVOICES & TRAVEL REIMBURSEMENTS
Purchase Order Processing
Employees must input purchase orders for FY22 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 June 30 will be charged to FY23.
Thursday, June 30, 2022
- Confirm receipt in Smart Source of any goods or services rendered in FY22. Orders that are not received by June 30 will be charged to FY23.
Friday, July 1, 2022
- Invoices for goods and services rendered in FY22 must be received by Digital Mailroom (DMR) at firstname.lastname@example.org no later than Friday, July 1, 2022, and the invoice must be dated no later than June 30, 2022.
Sunday, July 3, 2022
- Employee travel expense forms related to travel conducted through June 30, 2022, must be submitted to email@example.com no later than July 3, 2022. Travel expenses submitted after July 3, regardless of date traveled, will be reflected in FY23.
- FY22 payments, processed on a Smart Source check request or confirming order, must be submitted through Smart Source by July 3, 2022.
- Deadline to submit Purchase Order Change request is July 3, 2022.
Remember: Smart Source check requests and confirming orders submitted July 3, 2022, must use the accounting date of June 30, 2022. For assistance with 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 6, 2022
- Invoices in Smart Source must be approved by 5 p.m. on July 6, 2022. Invoices approved after July 6 will post to FY23.
Please closely monitor your invoice approval queues to ensure timely handling of year-end invoices!
FY23 SMART SOURCE PURCHASES
Starting this week, you can create purchase orders in Smart Source for FY23. If you choose to create purchase orders for FY23 before July 1, 2022, remember to do the following:
- Smart Source purchase orders for FY23 must have an accounting date of July 1, 2022, or later. For assistance with 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 FY23. All goods/services must be shipped for receipt after Thursday, June 30, 2022. We will refuse early deliveries." For assistance on how to add an external note, follow this PDF guideline.
PURCHASING CARD (P-CARD) PURCHASES
Thursday, June 30, 2022, will be the last day to purchase goods and authorized services for FY22. The supplier must charge your P-Card no later than June 30. 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 FY23 budget.
Beginning the week of Monday, May 9, 2022, Financial Managers will receive a separate email from Procurement Services with further instructions regarding the process for open commitment/encumbrance verification.
If you have any questions, please contact: