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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

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

AS General Ledger Presentation

AS Gifts and Endowments Presentation

FY22 AS - General Ledger slides

FY22 AS - Gifts and Endowment slides

 ASRSP Presentation

FY22 ASRSP slides

Depository Services Presentation

 

FY22 Depository Services slides

HR Operations & Payroll Presentation

 FY22 HR Ops-Payroll Slides

Office of Budget and Planning Presentation

FY22 Budget slides

Accounts Payable Presentation

Purchasing and Vendor Management Presentation

FY22 PPS-AP slides

FY22 PPS -Purchasing slides

Definition & Support of Accruals

Accruals for appropriate and material transactions may be processed until September 16 with a $5,000 minimum threshold. Effective September 17th, 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 FY22, but Northwestern did not receive payment in FY22
12330 Deferred Charge –
Next Year Carry Forward Expense
An expense is prepaid in FY22 for a FY23 program or activity
25311 Accounts Payable –
Misc.*
Money owed to an external customer for goods or services received, but the invoice was not paid in FY22
*Use only if processing via Accounts Payable is not possible by 9/9/2022
26501 Deferred Revenue –
Next Year's Income
Advanced payment received by Northwestern for goods or services to be provided in FY23 (e.g., registration fee revenues)

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

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)
Juan Esteban Jimenez
Jennifer Mitchell
847.491.7776
847.467.2474

Accounting Services Amy Mykytiuk
847.491.4468
847.467.1359
847.467.2764
Accounts Payable Gary Ernsteen 847.491.2781
Office of Budget and Planning
815.584.6953
847.491.4705 
Cost Studies Sophia Gabay 847.467.1142
Controller Nicole Van Laan 847.491.4722
Depository Services Cindy Regner 847.467.6327
847.467.0664
Financial Operations IT Lysa Lei
Lisa Matsumoto
847.467.3777
847.467.3777
Procurement and Payment Services Keith Paddy 847.467.6963