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.
2026 Preferred Vendor & Business and Finance Expo
Tuesday, August 4th between 10:00am – 3:00pm at the Norris University Center
This year, in addition to our Preferred Vendors, Business and Finance units were in attendance and gave short, live presentations. Representatives from Procurement and Payment Services, Depository Services, Tax and Regulatory Services, Budget and Planning, Accounting Services, Financial Operations IT, and Accounting Services for Research and Sponsored Programs (ASRSP) and more were 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 FY26 and Preparing for FY27
- Key Dates last updated 7/27/26
- Key Tasks last updated 7/28/26
- FY27 Monthly Closing Calendar
- FY26 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 slide presentations, many of which are presented at the annual Preferred Vendor & Business and Finance Expo, to explain important information, highlight key dates, and share resources to help colleagues prepare for fiscal year end.
Please plan to review modules related to your functional duties before fiscal year end begins.
| Presentation Slides 2026 | Presentation Slides 2025 |
|---|---|
|
Accounting Services for Research and Sponsored Programts (ASRSP) slides - FY26 |
Accounting Services for Research and Sponsored Programs (ASRSP) 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
| Account | Title | Definition |
|---|---|---|
| 11102 | Accounts Receivable – Regular Accts-Closing Entry |
An external customer is invoiced for goods or services provided in FY26, but Northwestern did not receive payment in FY26 |
| 12330 | Deferred Charge – Next Year Carry Forward Expense |
An expense is prepaid in FY26 for a FY27 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 FY26 *Use only if processing via Accounts Payable is not possible by 9/6/2026 |
| 26514 | FYE Deferred Revenue^ |
Advanced payment received by Northwestern by August 31 for goods or services to be provided in FY27 ^Please note, this is an account change from previous years. Do not use account 26501 for FYE26 deferred revenue activity, with the exception of SES transactions. |
Each accrual journal entry must include adequate documentation to support the transaction, such as:
- Proof of deposit in FY27 for any FY26 activity
- Signed contract or agreement
- Invoice with evidence that work was completed in FY26. 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 (9/1/26). Units will record subsequent activity to the revenue or expense account in FY27, 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 | People | Phone |
|---|---|---|
| Accounting Services |
847.467.1359
847.467.2764
|
|
| Accounting Services Endowment & Gift |
847.491.4702
|
|
| Accounting Services for Research and Sponsored Programs (ASRSP) |
847.467.1384
847.467.2473
847.491.4716
847.467.1142
|
|
| Accounting Services Fundriver |
847.467.2068
|
|
| Accounts Payable | 847.491.2781 | |
| 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 |
|
| Office of Budget and Planning |
815.584.6953
847.491.4705
|
|
| Procurement and Payment Services | Keith Paddy | 847.467.6963 |
| Treasury Services | Jody Nelluvelil | 847.467.0422 |