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.
Resources for Closing FY24 and Preparing for FY25
- Key Dates
- Key Tasks
- FY24 Monthly Closing Calendar
- FY25 Monthly Closing Calendar
- Financial Operations Policies & Procedures
- Definition & Support of Accruals
- Key Contacts by Office
- Endowment Fiscal Year End Information
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.
Presentation Recording Link |
Presentation Slides |
Accounting Services for Research and Sponsored Programs (ASRSP) presentation |
Accounting Services for Research and Sponsored Programs (ASRSP) slides |
Depository Services presentation
|
|
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 17 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
Account | Title | Definition |
---|---|---|
11102 | Accounts Receivable – Regular Accts-Closing Entry |
An external customer is invoiced for goods or services provided in FY24, but Northwestern did not receive payment in FY24 |
12330 | Deferred Charge – Next Year Carry Forward Expense |
An expense is prepaid in FY24 for a FY25 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 FY24 *Use only if processing via Accounts Payable is not possible by 9/8/2024 |
26501 | Deferred Revenue – Next Year's Income |
Advanced payment was received by Northwestern by August 31 for goods or services to be provided in FY25 (e.g., registration fee revenues) |
Each accrual journal entry must include adequate documentation to support the transaction, such as:
- Proof of deposit in FY25 for any FY24 activity
- Signed contract or agreement
- Invoice with evidence that work was completed in FY24. 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 (9/1/24). Units will record subsequent activity to the revenue or expense account in FY25, 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 .
Accounting Services for Research and Sponsored Programs (ASRSP) |
Tameka Jackson Maureen Johnson |
847.467.1384
847.467.2473 |
Accounting Services |
847.491.4468
847.467.1359
847.467.2764 |
|
Accounts Payable | Gary Ernsteen | 847.491.2781 |
Office of Budget and Planning |
847.491.4596
851.584.6953
847.491.4705
|
|
Cost Studies |
847.467.1142
847.491.2544
|
|
Controller | Randy Rodriguez | 847.491.7994 |
Depository Services | Cindy Regner | 847.467.6327 |
Enterprise Systems Alumni and Financials | 847.467.1255 | |
Financial Operations IT | Lysa Lei Lisa Matsumoto |
847.467.3777 847.467.3777 |
Procurement and Payment Services | Keith Paddy | 847.467.6963 |