What is a Financial Calendar?
The Financial Calendar marks the fiscal years of a contract. Each fiscal year can start on any day of a calendar year, but has twelve consecutive months (52 consecutive weeks) at the end of which account books are closed, profit or loss is computed, and financial reports are prepared for filing. It may or may not match a calendar year.
Structure of the Financial Calendar
Financial Months are placed into a year in four equal quarters. Each quarter is made up of three months. The first month of every quarter always has five fiscal weeks while the other two have four. Every fiscal week starts on the same day, often Monday, and ends on Sunday. It is also common for there to be two months that differ due to the short number of days.
Examples of Financial Calendars
The Financial Calendar may vary as to the starting date of the year. The U.S. federal government begins its federal fiscal year on Oct. 1 and it ends on Sept. 30. Contractors may base their Financial Calendar on the calendar year and ends it on Dec. 31. Other scenarios for example would have Financial Year 2013 began on Feb. 1 and ends Jan. 31, 2014, and it follows a structure of a four-five-four fiscal week structure for reporting.
How iSite Uses Financial Calendars
iSite uses Financial Calendars to represent costs or plan information for specified period of time, either Financial Month, Contract Year, or other custom spans of time known as Financial Month Groups.
Where are Financial Calendars used?
The Financial Calendar is used within the following iSite Modules:
- Cost Analysis
- Planning Analysis
- Labor Analysis
- Custom Reports
- Agency Reporting
- NASA Form 533M
- NASA Form 533Q
- Custom Reports
- Variance Analysis