Northern Illinois University
Controller's Office
Division of Administration and Finance

Fiscal Year 2023 Due Dates for Accounting Transactions

The following deadlines have been established to allow adequate processing time to successfully close FY23 and prepare financial statements to meet the University's reporting deadline with the State of Illinois Comptroller's Office. By not doing so, exposes the University to audit findings related to improper year-end cutoff. The cooperation of all departments is needed to keep to this schedule to ensure a successful close process. Please ensure that all FY23 transactions for your department are properly classified and submitted to the Controller's Office by the deadlines listed below:

Goods and services received on or prior to June 30, 2023, must be recorded as current year (FY23) fiscal expenditures or accrued as liabilities; goods and services received after June 30, 2023 must be recorded in the ensuing fiscal year (FY24) in accordance with GAAP. Departments should review all transactions and balances in applicable cost centers, paying particular attention to appropriate cut-off for transactions occurring during the months of June and July.

University sales and services performed on or prior to June 30, 2023, must be recorded or accrued as a current year (FY23) revenue; revenues for sales or services to be performed after June 30, 2023 must be deferred to the next fiscal year (FY24) in accordance with GAAP.

We appreciate your full cooperation as we work to ensure a successful close-out of FY23. Should you have any questions about the year-end process, please email the Controller’s Office at controlleroffice@niu.edu for assistance.