GAP 200.011, Fiscal Calendar

  1. General
  2. Fiscal Calendar Structure
  3. Accounting Periods
  4. Fiscal Calendars

 


 

I. GENERAL

This GAP defines the DUKE (University and Health System) fiscal year, quarterly and monthly accounting periods, and closing schedule.  The accounting records are kept on fiscal years (July 1 – June 30) and calendar months.

 

II. FISCAL CALENDAR STRUCTURE

The fiscal year for DUKE begins July 1 and ends June 30. The fiscal year is divided into four quarters, each with three  calendar (fiscal) months. 

The fiscal calendar for the upcoming year is issued each May by the Controller’s Division and includes information regarding SAP entry cutoff dates and when final reports are available in SAP. The calendars for fiscal years 2003 through 2013 are available here to download.

 

III. ACCOUNTING PERIODS

In the General Ledger,  calendar months are converted to accounting periods. Accounting periods represent the time period in which all transactions occurring within the  calendar month are submitted and processed to update the financial statements. The table below shows accounting periods for the sample year ending June 30, 2013:

ACCOUNTING PERIOD NUMERIZATION IS DETERMINED AS FOLLOWS

  • The '13' is determined by the year in which the fiscal year ends (i.e., June 30, 2013).
  • The accounting periods are numbered sequentially, beginning with 01 for July and ending with 12 for June.
  • There are additional periods used at the end of the year for central office closing purposes.
Fiscal
Month
 Year Acctg
Period
  Fiscal
Month
 Year Acctg
Period
July 2012 13 01   January 2013 13 07
August 2012 13 02   February 2013 13 08
September 2012 13 03   March 2013 13 09
October 2012 13 04   April 2013 13 10
November 2012 13 05   May 2013 13 11
December 2012 13 06   June 2013 13 12

QUARTERLY ACCOUNTING PERIODS

  • Each fiscal year is divided into four quarterly accounting/reporting periods.  The quarterly accounting periods are:
    Quarter 1: July 1 through September 30
    Quarter 2: October 1 through December 31
    Quarter 3: January 1 through March 30
    Quarter 4: April 1 through June 30

MONTHLY CLOSING SCHEDULE

  • Last day of the calendar month is the last day of the fiscal period.
  • Closing cycle consists of the first 5 WORK DAYS of the month following the end of the fiscal period (excludes University observed holidays).
  • “Soft close” begins at NOON on DAY +3.
  • “Final Close” begins at 2:00PM on DAY +5.
  • Reports are available as soon as Final Close is complete on DAY +5.

 

IV. FISCAL CALENDARS

Please review the Financial Calendars webpage to see current, future, and previous Fiscal Calendars.