GAP NO. 200.010
Fiscal Calendar

I.	General
II.	Fiscal Calendar Structure
III.	Accounting Periods
IV.	Fiscal Calendars
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I. GENERAL

The accounting records are kept on fiscal years and months rather than calendar years and months. This system is used to ensure the same number of business days are in a period each year, resulting in comparability from year to year.

In general, appropriate accruals should be made at the end of each fiscal month; however, minor items more suited to a calendar month may be recorded on that basis at the discretion of the Vice President for Financial Services.

II. FISCAL CALENDAR STRUCTURE

The fiscal year begins July 1 and ends June 30. The fiscal year is divided into four quarters, each with three fiscal months. The first month of each quarter contains five weeks; the remaining two months each contain four weeks. Fiscal months begin on a Monday and end on a Sunday at midnight. The fiscal months of June and July will often deviate from this because the fiscal year always begins on July 1 and ends on June 30.

The fiscal calendar for the upcoming year is issued each May by the Controller's Division and includes information regarding R/3 entry cutoff and when final reports are available in R/3. The calendars for fiscal years 2003, through 2011 are available to download.

III. ACCOUNTING PERIODS

In the General Ledger, fiscal months are converted to accounting periods. Accounting periods represent the time period in which all transactions occurring within the fiscal month are submitted and processed to update the financial statements. The table below shows accounting periods for the sample year ending June 30, 2006:

Fiscal Month	Year	Acctg Period		Fiscal Month	Year	Acctg Period
July	2005	06 01		January	2006	06 07
August	2005	06 02		February	2006	06 08
September	2005	06 03		March	2006	06 09
October	2005	06 04		April	2006	06 10
November	2005	06 05		May	2006	06 11
December	2005	06 06		June	2006	06 12

THE NUMERIC PERIODS ARE DETERMINED AS FOLLOWS:

• The '06' is determined by the year in which the fiscal year ends (i.e., June 30, 2006).
• The accounting periods are numbered sequentially, beginning with 01 for July and ending with 12 for June.
  

IV. FISCAL CALENDARS

Please review the Financial Calendars webpage to see current, future, and previous Fiscal Calendars going back to FY 2001.

 

GAP History
Issued:	January 2000
Revised:	February 2002
Revised:	January 2003
Revised:	September 2003
Revised:	December 2004
Revised:	September 2005
Revised:	January 2008