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 FY18 and Preparing for FY19

Town Halls

Please join us at one of our upcoming sessions at either the Chicago or Evanston campus. Registration is not required, and light refreshments will be served.

Chicago Campus FYE Town Hall
Tuesday, May 15, 2018 9:30 – 11:30 a.m.
Levy Mayer, Lincoln Hall LM104
357 East Chicago Avenue

View presentation
View agenda

Evanston Campus FYE Town Hall
Wednesday, May 23, 2018 9:30 – 11:30 a.m.
Norris, McCormick Auditorium
1999 Campus Drive

View presentation
View agenda

The town halls 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 also have an opportunity to ask targeted questions that meet your specific needs, as key staff members will be on site representing the following areas: Accounting Services, Accounting Services for Research & Sponsored Programs (ASRSP), Budget and Planning, Finance, Facilities and Research Administration, Financial Operations IT, Procurement and Payment Services, Travel Services, and Treasury Operations.
 

Definition & Support of Accruals

Accruals for appropriate and material transactions may be processed until September 11 on a journal spreadsheet with a $5,000 minimum threshold. Effective September 12, 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 FY18, but Northwestern did not receive payment in FY18
12330 Deferred Charge –
Next Year Carry Forward Expense
An expense paid in FY18 for FY19 program or activity
25311 Accounts Payable –
Misc.*
Money owed to an external customer for goods or services received, but not paid in FY18
*Use only if processing via Accounts Payable is not possible by 9/5/2018
26501 Deferred Revenue –
Next Year's Income
Revenue deposited in FY18, 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 FY19 for any FY18 activity
  • Signed contract or agreement
  • Invoice with evidence that work was completed in FY18. 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) Mike Daniels
Kathy Watson
847.491.4716
847.467.6395
Accounting Services Roberto De Rose
Regi George
Jen Wander
847.467.2764
847.467.1359
847.491.4726
Accounts Payable Guy Wilson 847.491.4445
Auxiliary Services – Travel Jeffrey Levin
Theresa McClain
847.491.5993
312.503.0548
Budget and Planning Sara Lease
Eric Wachtel
847.491.4191
847.491.4705
Cost Studies Sophia Gabay 847.467.1142
Controller Nicole Van Laan 847.491.4722
Depository Services Cindy Regner
Joe Stolz
312.503.8525
847.467.4962
Finance Facilities and Research Administration (FFRA) Tyriece Kennedy
Linnea Latimer
847.467.7584
847.467.1968
Financial Operations Michael Szczepanek 847.491.7855
Financial Operations IT Lysa Lei
Lisa Matsumoto
Dave Takehara
847.467.3777
847.467.3777
847.467.3058
Procurement and Payment Services Samantha Kustra
Lori Lehnhardt
Keith Paddy
Priscilla Wojtowicz
847.467.0839
847.467.0840
847.467.6963
847.467.0838