Fiscal Year 2017 Due Dates for Procurement and Accounting Transactions

In order to prepare the University's FY17 Financial Statements in accordance with generally accepted accounting principles (GAAP) on a timely basis, proper classification and cut-off for transactions is required. Financial statements prepared in accordance with GAAP are important within the context of demonstrating that the University has been a responsible trustee for funds obtained from various stakeholders.

Goods and services received prior to June 30, 2017 must be recorded as current year fiscal expenditures or accrued as liabilities; goods and services received after June 30, 2017 must be recorded in the ensuing fiscal year. In addition to ongoing review of transactions and balances in applicable cost centers at year-end, departments should pay particular attention to appropriate cut-off for transactions during June and July.

University sales and services performed prior to June 30, 2017 must be recorded or accrued as a current year revenue; revenues for sales or services to be performed after June 30, 2017 must be deferred to the next fiscal year. All cash and checks received related to FY17 must be deposited at the Bursar Office by June 30, 2017. All deposits to University accounts must be made in accordance with Bursar's Office policy (see Business Procedure Manual No. 5-1).

It is very important to note that documents required to be processed in FY17 must be received by Procurement in LH 107, Accounts Payable Services in LH 208 and/or General Ledger at Journalentries@niu.edu by the requested deadlines (do not hold FY17 documents even if the requested deadline has passed). The cooperation of all departments is needed to keep to this schedule and to ensure a successful close.

New purchase requisitions for FY2017 order and delivery in FY2017 must be received in Accounts Payable Services and purchase order rollover requests (requisitions are requi red for rollover requests) May 5, 2017
Year-end cutoff for posting all journal activity occurring prior to June from all fund sources due to General Ledger June 16, 2017
All FY2017 approved invoices, check requests, and travel reimbursement requests to Accounts Payable Services July 14, 2017
Year-end cutoff for posting all journal activity occurring in June from all fund sources due to General Ledger July 20, 2017

Should you have any questions about the year-end process, please call the Controller’s Office at 815-753-1514 or Procurement at 815-753-1594 for further assistance. Thank you in advance for your cooperation and assistance.