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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 deadline and requirements.

 

Resources for Closing FY21 and Preparing for FY22

Town Halls

Please access the FY 2021 virtual FYE Town Hall session at the link below. Registration is not required.

FYE Town Hall Session

Town Hall Presentation Slides

The town hall will feature presentations highlighting key dates, alerting you of upcoming tasks, and providing you with additional resources to assist you with pre- and post-close activities. You will hear from key staff members representing the following areas:  Accounting Services, Accounting Services for Research & Sponsored Programs (ASRSP), Accounts Payable, Budget and Planning, Depository Services, HR Operations & Payroll, and Procurement & Payment Services.

Definition & Support of Accruals

Accruals for appropriate and material transactions may be processed until September 15 on a journal spreadsheet with a $5,000 minimum threshold. Effective September 16th, the minimum threshold for accruals is $25,000. 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 FY21, but Northwestern did not receive payment in FY21
12330 Deferred Charge –
Next Year Carry Forward Expense
An expense paid in FY21 for FY22 program or activity
25311 Accounts Payable –
Misc.*
Money owed to an external customer for goods or services received, but not paid in FY21
*Use only if processing via Accounts Payable is not possible by 9/7/2021
26501 Deferred Revenue –
Next Year's Income
Revenue deposited in FY21, prior to the sale or delivery of a product (e.g. registration fee revenues)

To process an accrual, please retain one of the following documents as support and include it with the journal spreadsheet email submission:

  • Proof of deposit in FY22 for any FY21 activity
  • Signed contract or agreement
  • Invoice with evidence that work was completed in FY21. If an invoice is the only backup, evidence of collectability (e.g. prior history) may be required

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) LaShawnda Hall
Kathy Watson
847.491.4716
847.467.6395
Accounting Services Amy Mykytiuk
847.467.1359
847.467.2764
Accounts Payable Gary Ernsteen 847.491.2781
Budget and Planning 847.491.4705
Cost Studies Sophia Gabay 847.467.1142
Controller Nicole Van Laan 847.491.4722
Depository Services Cindy Regner 847.467.6327
847.467.0130
Financial Operations IT Lysa Lei
Lisa Matsumoto
847.467.3777
847.467.3777
Procurement and Payment Services Samantha Kustra
Keith Paddy
847.467.0839
847.467.6963