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What is FY2006

anjanesh

New Member
Hi

This may sound real stupid, but what is FY2005 or FY2006 ?

Thanks
 

anjanesh

New Member
Thanks. Are all Fiscal Years from Jan for Dec ? If not, how will I know if they just mention FY2006 ?
 

leopard22

Registered Member
Yep, depends on the company.

As far as the government is concerned, for individuals, the fiscal year is Jan. 1 to Dec. 31 and a lot of small corporations opt for those dates as well, just to make it easier I think to get all the tax work, etc. done at the same time. But when you incorporate, you have the option of deciding on a fiscal year that isn't based strictly on the typical calendar year. Lots of retailers in particular choose a fiscal period based on something other than year-end, if they expect to make a lot of holiday sales in December and will be facing returns from customers in January - makes it more complicated for accounting purposes.

And for a lot of companies, I think they just find it easier to not have to do a lot of accounting paperwork based on December when a lot of employees are out on vacation or holiday time.
 

montyauto

New Member
And for a lot of companies, I think they just find it easier to not have to do a lot of accounting paperwork based on December when a lot of employees are out on vacation or holiday time.
Correct, I had join several companies, none of them do it on December.
 
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