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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.

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.

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 year end accruals are: 

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 .

Juan Esteban Jimenez

Jennifer Mitchell

847.491.7776

847.467.2474

815.584.6953

847.491.4705