The fiscal year for 2017 (FY17) will be drawing to a close shortly. In order to prepare NIU’s FY17 financial statements in accordance with generally accepted accounting principles (GAAP) on a timely basis, proper classification and cut-off dates for transactions are required. Financial statements prepared in accordance with GAAP demonstrate that the university has been a responsible trustee for funds obtained from various stakeholders.
Expenditures and liabilities
Goods and services received prior to Friday, June 30, must be recorded as current year fiscal expenditures or accrued as liabilities; goods and services received after that date, must be recorded in the ensuing fiscal year. In addition to the ongoing review of transactions and balances in applicable cost centers at year-end, departments should pay particular attention to the appropriate cut-off for transactions during June and July.
Sales and revenues
University sales and services performed prior to Friday, June 30, must be recorded or accrued as a current year revenue; revenues for sales or services to be performed after June 30, must be deferred to the next fiscal year. All cash and checks received related to FY17 must be deposited at the Bursar’s Office by June 30. All deposits to university accounts must be made in accordance with Bursar’s Office policy (see Business Procedure Manual No 5-1).
Documents required to be processed in FY17 must be received by Procurement Services in LH 107, Accounts Payable Services in LH 208, and/or General Ledger at email@example.com 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.
The year-end cutoff for posting all journal activity occurring prior to June from all fund sources is due to General Ledger on Friday, June 16. All FY2017 approved invoices, check requests and travel reimbursement requests to Accounts Payable Services are due by Friday, July 14. The year-end cutoff for posting all journal activity occurring in June from all fund sources is also due to General Ledger by Friday, July 14.
Contact the Controller’s Office at 815-753-1514 or Procurement at 815-753-1594 for further assistance.