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Northwestern University Feinberg School of Medicine
Office of Finance & Administration
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Fiscal Year-End Close

FY20 Close Materials

To make for a simple closing process, monitor your budgets throughout the year and complete the following tasks:

  • Enter all payroll journals and suspense corrections.
  • Submit all invoices to Accounts Payable for outstanding requisitions.
  • Approve all payment requests and expense reports.
  • Reconcile all My Wallet charges and enter all My Wallet expense reports.
  • Enter all cost share transfers to zero out funds 191, 192 and 193. Account code 88295/88595 must be used regardless of the type of fund that is being used.
  • Confirm that your department/division has enough expense authority to accomplish all closing tasks, including funding cost share.
  • Enter any budget journals through the NUPortal.
  • Balance all internal transfers (88298/88598)
  • Fund all deficits (except for recharge centers, fund 160). This can be accomplished through one of three ways: receiving revenue, correc_ng revenue or expense or entering a transfer journal.
  • Make all deposits prior to workday close on Aug. 31 or any given fiscal year for that revenue to be included in that fiscal year.
  • Send all Accounts Receivables with backup (copies of invoices) to the Office of Finance & Administration. If backup is to exceed five pages a coversheet for the backup is necessary. The coversheet should include the page number of the invoice and the corresponding journal line number. Please check the definition of an Account Receivable to see if it’s appropriate for your department/chart string.
  • Request any new chart strings.
  • Request to close chart strings no later than 10 days prior to fiscal year end to be assured they are closed for the upcoming fiscal year. All chart strings requesting to be closed must be accompanied by a GL005 showing a current balance of zero.
  • Request any dean’s commitments, NMH grants, clinical chair discretionary and NMCat funds. Include a copy of the GL005 with your request for dean’s commitments and NMH grants.
  • If entering a transfer journal that is 15 lines or more, it is appropriate to use a spreadsheet journal if your department has a journal mask (see if your department has a mask). Remember to save your spreadsheet journal as macro-enabled.
  • Remember: Transfer journals take away from your control balance.

Please check our Administrator Resources page and the Office of the Controller for current fiscal-year-end materials. Visit myHR Learn for training on the following topics:

  • Balance Sheet & Spreadsheet Journals
  • Actuals Journals
  • Reconciling Budgets
  • NUFinancials Budget Searches
  • NUFinancials Budget Adjustments
  • Approvals and Workflow
  • Payment Request at Fiscal Year End Job Aid
  • NUFinancials Budget Adjustments
  • Actuals Journals
  • Run and Schedule Reports
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