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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 FY23 and Preparing for FY24

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 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

 HR Operations & Payroll slides

Office of Budget and Planning presentation

Office of Budget and Planning slides

Accounts Payable presentation

Purchasing and Vendor Management presentation

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: 

Account Title Definition
11102 Accounts Receivable –
Regular Accts-Closing Entry
An external customer is invoiced for goods or services provided in FY23, but Northwestern did not receive payment in FY23
12330 Deferred Charge –
Next Year Carry Forward Expense
An expense is prepaid in FY23 for a FY24 program or activity
25311 Accounts Payable –
Payment is owed to an external customer for goods or services received as of August 31, but the invoice was not paid in FY23
*Use only if processing via Accounts Payable is not possible by 9/8/2023
26501 Deferred Revenue –
Next Year's Income
Advanced payment was received by Northwestern by August 31 for goods or services to be provided in FY24 (e.g., registration fee revenues)

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

  • Proof of deposit in FY24 for any FY23 activity
  • Signed contract or agreement
  • Invoice with evidence that work was completed in FY23. 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 (9/1/23).  Units will record subsequent activity to the revenue or expense account in FY24, 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 .

Accounting Services for Research and Sponsored Programs (ASRSP)
Bernie Hadaway
Maureen Johnson
Accounting Services
Accounts Payable Gary Ernsteen 847.491.2781
Office of Budget and Planning
Cost Studies Sophia Gabay 847.467.1142
Controller Nicole Van Laan 847.491.4722
Depository Services Cindy Regner 847.467.6327
Enterprise Systems Alumni and Financials  847.467.1255
Financial Operations IT Lysa Lei
Lisa Matsumoto
Procurement and Payment Services Keith Paddy 847.467.6963