- GAP 200.011, Fiscal Calendar
GAP 200.011, Fiscal Calendar
III. Accounting Periods
IV. Fiscal Calendars
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.
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.
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.
|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.
Please review the Financial Calendars webpage to see current, future, and previous Fiscal Calendars.