What is FY2006

Discussion in 'General Discussion' started by anjanesh, May 24, 2006.

  1. anjanesh

    anjanesh New Member

    Hi

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

    Thanks
     

  2. Mirage

    Mirage Administrator Staff Member V.I.P.

    FY = Fiscal Year :)
     
  3. anjanesh

    anjanesh New Member

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

    Mirage Administrator Staff Member V.I.P.

    It's usually different depending on what company you are talking about.

    What is it in relation to?
     
  5. leopard22

    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.
     
  6. montyauto

    montyauto New Member

    Correct, I had join several companies, none of them do it on December.
     

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