Fiscal Year End

The University's fiscal year begins on September 1 and ends on August 31. The resources below have been developed to assist schools and units in finalizing activity for the current fiscal year. You are encouraged to bookmark this site and utilize the resources throughout fiscal year end to help keep track of all close deadline and requirements.
 

Key Documents & Links

Town Halls

Thanks to all who joined us for one of our fiscal year end town hall sessions! We hope you found it valuable and we appreciate the questions and discussion. If you weren't able to attend, or want to view a presentation again, each session's agenda and slides are provided below.

Evanston Campus FYE Town Hall

View presentation
View agenda

Chicago Campus FYE Town Hall

View presentation
View agenda

Definition & Support of Accruals

Accruals for appropriate and material transactions may be processed until September 18 on a journal spreadsheet with a $5,000 minimum threshold. Effective September 19, the minimum threshold for accruals is $25,000. Balance sheet accounts commonly used for fiscal year end accruals are: 

Account Title Definition
11102 Accounts Receivable – Regular Accts-Closing Entry An external customer is invoiced for goods or services provided in FY17, but Northwestern did not receive payment in FY17.
12330 Deferred Charge – Next Year Carry Forward Expense An expense paid in FY17 for FY18 program or activity.
25311 Accounts Payable – Misc.* Money owed to an external customer for goods or services received, but not paid in FY17. 
*Use only if processing via Accounts Payable is not possible by 9/15/2017.
26501 Deferred Revenue – Next Year's Income Revenue deposited in FY17, prior to sale or delivery of a product (e.g. registration fee revenues).

To process an accrual, please retain one of the following documents as support and include it with the journal spreadsheet email submission:

  • Proof of deposit in FY18 for any FY17 activity.
  • Signed contract or agreement.
  • Invoice with evidence that work was completed in FY17. If an invoice is the only backup, evidence of collectability (e.g. prior history) may be required.