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 FY22 and Preparing for FY23
- Key Dates (revised 09/01/2022; see updates in red text)
- Key Tasks (revised 09/01/2022; see updates in red text)
- FY22 Monthly Closing Calendar
- FY23 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 |
Depository Services Presentation
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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 16 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 FY22, but Northwestern did not receive payment in FY22 |
12330 | Deferred Charge – Next Year Carry Forward Expense |
An expense is prepaid in FY22 for a FY23 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 FY22 *Use only if processing via Accounts Payable is not possible by 9/9/2022 |
26501 | Deferred Revenue – Next Year's Income |
Advanced payment was received by Northwestern by August 31 for goods or services to be provided in FY23 (e.g., registration fee revenues) |
Each accrual journal entry must include adequate documentation to support the transaction, such as:
- Proof of deposit in FY23 for any FY22 activity
- Signed contract or agreement
- Invoice with evidence that work was completed in FY22. 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 (9/1/22). Units will record subsequent activity to the revenue or expense account in FY23, 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) |
Juan Esteban Jimenez Jennifer Mitchell |
847.491.7776
847.467.2474
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Accounting Services | Amy Mykytiuk |
847.491.4468
847.467.1359
847.467.2764 |
Accounts Payable | Gary Ernsteen | 847.491.2781 |
Office of Budget and Planning |
815.584.6953
847.491.4705
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Cost Studies | Sophia Gabay | 847.467.1142 |
Controller | Nicole Van Laan | 847.491.4722 |
Depository Services | Cindy Regner | 847.467.6327 |
847.467.0664 | ||
Financial Operations IT | Lysa Lei Lisa Matsumoto |
847.467.3777 847.467.3777 |
Procurement and Payment Services | Keith Paddy | 847.467.6963 |