Introducing the Fiscal Calendar

Objective

After completing this lesson, you will be able to explain the purpose of the Fiscal Calendar.

Basics of the Fiscal Calendar

The Fiscal Calendar tab is where you define your company’s accounting periods independently of the standard calendar year.

This is a required step in building the configuration.

The image shows a screenshot of a Budget Configuration page under the Fiscal Calendar tab. It displays a table listing fiscal years 2024 and 2025, both active. Buttons for New, Modify, Activate, Deactivate, and Remove are present.

A fiscal calendar has one or more fiscal years, and fiscal years have one or more fiscal periods. Fiscal years have a start date and an end date.

Fiscal periods can vary within a fiscal year, but they typically represent months. In the background, a fiscal quarter is generated every three periods. Fiscal quarters and the fiscal year period are used when budget items are maintained on a quarterly or yearly basis.

Budget is designed to support up to 24 budget periods per year. These periods can be set as monthly, quarterly, or custom-defined. Budget supports projects within either a fiscal or calendar year. Additionally, it supports special projects that follow different calendars or span multiple years — including those that cross from one fiscal year to the next — through the Date Range option in Budget Items.

Caution

Fiscal years cannot overlap with prior fiscal years, and there must be no gaps between them.

References

Title	Link
Budget Admin Guide - Manage Fiscal Years	^{Budget Admin Guide - Manage Fiscal Years}

Summary

Define fiscal years and periods using the Fiscal Calendar tab.
Fiscal years require a start date, end date, and cannot overlap or leave gaps.
Set up to 24 fiscal periods per year for flexibility.
Use custom periods or the Date Range option for special projects.
Fiscal quarters and years help manage budgets on a quarterly or yearly basis.

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