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Fiscal Year End

Northwestern's fiscal year begins September 1 and ends August 31. Resources are provided annually 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 deadlines and requirements.

2025 Preferred Vendor and Business and Finance Expo

Tuesday, August 5th between 10:00am – 3:00pm at the Norris University Center

This year, in addition to our Preferred Vendors, Business and Finance units will be in attendance and give short, live presentations. Representatives from Procurement and Payment Services, Budget and Planning, Accounting Services, and Accounting Services for Research and Sponsored Programs (ASRSP) and more will be available all day to answer any questions related to fiscal year end or topics specific to their area of expertise. This campus wide networking and communication event aims to bring the business and finance community together across the whole University.

Resources for Closing FY25 and Preparing for FY26

Fiscal Year End Presentation Modules

Northwestern's Central Units have created short (5-15 minute) presentations to explain important information, highlight key dates, and share resources to help colleagues prepare for fiscal year end.  Please plan to watch modules related to your functional duties before fiscal year end begins.

Links to presentations in video and PDF formats
Presentation Recording Link  Presentation Slides

Accounting Services General Ledger presentation

Accounting Services Gifts and Endowments presentation

Accounting Services General Ledger slides

Accounting Services Gifts and Endowment slides

Accounting Services for Research and Sponsored Programs (ASRSP) presentation

Accounting Services for Research and Sponsored Programs (ASRSP) slides

Depository Services presentation

 

Depository Services slides

HR Operations & Payroll presentation (coming soon)

 HR Operations & Payroll slides (coming soon)

Office of Budget and Planning presentation

Office of Budget and Planning slides

Accounts Payable presentation

Purchasing and Vendor Management presentation (coming soon)

Accounts Payable slides

Purchasing and Vendor Management slides

Definition & Support of Accruals

Accrual accounts are used at fiscal year-end to record activity to the proper fiscal year in which the revenue is earned or expense is incurred.  Accruals for appropriate and material transactions ($5,000 minimum threshold) may be processed until the  September 15 portal journal deadline.  Accrual journals needed after this date (if necessary and meeting a $25,000 minimum threshold) must be coordinated with the Office of Budget and Planning. Balance sheet accounts commonly used for fiscal year end accruals are: 

Accrual account codes, titles, and definitions
Account Title Definition
11102 Accounts Receivable –
Regular Accts-Closing Entry 		An external customer is invoiced for goods or services provided in FY25, but Northwestern did not receive payment in FY25
12330 Deferred Charge –
Next Year Carry Forward Expense		 An expense is prepaid in FY25 for a FY26 program or activity
25311 Accounts Payable –
Misc.* 		Payment is owed to an external customer for goods or services received as of August 31, but the invoice was not paid in FY25
*Use only if processing via Accounts Payable is not possible by 9/7/2025
26501 Deferred Revenue –
Next Year's Income		 Advanced payment was received by Northwestern by August 31 for goods or services to be provided in FY26 (e.g., registration fee revenues)

Each accrual journal entry must include adequate documentation to support the transaction, such as:

  • Proof of deposit in FY26 for any FY25 activity
  • Signed contract or agreement
  • Invoice with evidence that work was completed in FY25. If an invoice is the only backup, evidence of collectability (e.g. prior history) may be required.

Accrual journals will be modified by Accounting Services in order to reverse in the next fiscal year accounting period (9/1/25).  Units will record subsequent activity to the revenue or expense account in FY26, not directly to the accrual account.

 

Key Contacts by Office

For technical assistance, please contact the  Northwestern IT Support Center : 847.491.4357 (1.HELP), option 2, or  consultant@northwestern.edu .

Office of Business and Finance FYE contact information by department
Office People Phone
Accounting Services for Research and Sponsored Programs (ASRSP)
847.467.1384
847.467.2473
Accounting Services
847.467.1359
847.467.2764
Accounts Payable Keith Paddy 847.467.6963
Office of Budget and Planning
851.584.6953
847.491.4705
Cost Studies
847.467.1142
Controller Randy Rodriguez 847.491.7994
Depository Services Cindy Regner 847.467.6327
Enterprise Systems Alumni and Financials 
847.467.6883
847.467.0768
Financial Operations IT Lysa Lei
Lisa Matsumoto		 847.467.3777
Procurement and Payment Services Keith Paddy 847.467.6963