GAP 200.011, Fiscal Calendar

I.    General

II.   Fiscal Calendar Structure

III.  Accounting Periods

IV.  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.