Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Fiscal Year shopping experience:
1. Compare - without doubt the biggest advantage that the Fiscal Year offers shoppers today is the ability to compare thousands of Fiscal Year at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a Fiscal Year? Wrong! If the Fiscal Year is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about Fiscal Year then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling Fiscal Year? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Fiscal Year and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your Fiscal Year wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your Fiscal Year then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the Fiscal Year site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about Fiscal Year, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your Fiscal Year, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
A
fiscal year (or
financial year or
accounting reference date) is a 12-month period used for calculating annual ("yearly") financial statements in
businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting require such reports once per twelve months, but do not require that the twelve months constitute a calendar year (i.e. January to December). The financial results presented to shareholders are therefore a "photocopy" (or "snapshot") of the company's accounts at the accounting reference date. Fiscal years vary between businesses and countries.
Disparity with the calendar year
Often the fiscal or tax year is specifically established not to match the calendar year so that accounting year-end work does not coincide with periods of high activity, such as the Christmas shopping rush for retailers, or with
holiday periods when employees may prefer to take vacation.
A popular use of a non-calendar year as the fiscal year involves retailers. In many countries, at the end of December, levels of inventory, receivables and payables will be higher than at other month ends and consequently more complex and time-consuming to measure accurately. Therefore, retailers commonly use a month other than December to end their fiscal year. January may be chosen as the last month of the fiscal year because activity levels are likely to be closer to normal by the end of January.
In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include
Cisco Systems and
Tesco.
In the
United Kingdom, a number of major corporations that were once government owned, such as BT Group and the National Grid UK, continue to use the government's fiscal year, which ends on the last day of March, as they have found no reason to change since
privatisation.
Nevertheless, for about 65% of publicly traded companies in the
United States and for the vast majority of large corporations in the UK and elsewhere, except in Australia, the fiscal year and calendar year are identical.
Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months. Examples include
Harvard University Harvard fiscal year-end is June and the University of Oxford University of Oxford fiscal year-end is July.
Operation in various countries
Such fiscal years are typically numbered using a calendar year and quarter thereof. A
fiscal quarter is 3 months (1/4 of a year). For example, the Federal government of the United States fiscal year for 2008 ("FY08", sometimes written "FY07–08") is as follows:
- 1st Quarter: October 1, 2007 – December 31, 2007
- 2nd Quarter: January 1, 2008 – March 31, 2008
- 3rd Quarter: April 1, 2008 – June 30, 2008
- 4th Quarter: July 1, 2008 – September 30, 2008
So the U.S. government's fiscal year begins on
October 1 of the previous calendar year and ends on
September 30 of the year with which it is numbered. Prior to
1976, the fiscal year began on July 1 and ended on June 30. The
Congressional Budget and Impoundment Control Act of 1974 stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from
July 1, 1976 to September 30,
1976. As stated above, the tax year for a business is governed by the fiscal year it chooses.
The Government of Australia's fiscal year begins on
July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget. In
Canada, the
United Kingdom, New Zealand,
India and Hong Kong, the government's financial year runs from
April 1 to
March 31, and the United Kingdom corporation tax is charged by reference to that period.
In the UK, the personal
tax year (which governs liability to income tax and
capital gains tax) runs from
April 6 to April 5. This reflects the old
ecclesiastical calendar, with New Year falling on
March 25 (
Lady Day), the difference being accounted for by the eleven days "missed out" when Kingdom of Great Britain converted from the
Julian Calendar to the
Gregorian Calendar in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (
Times of Payment of Rents, Annuities, &c.) of the
Calendar (New Style) Act 1750, the 1752–3 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on
5 April, which was the "old style" new year of
25 March. A 12th skipped Julian leap day in 1800 changed its start to
6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the United Kingdom is still
6 April.
Ireland also used this year until 2001 when it was changed to match the calendar year (the 2001 tax year was nine months, from April to December).
Companies that are units within a "group" of businesses must all use nearly the same fiscal year (differences of up to three months are permitted in most jurisdictions, such as the U.S. and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.
References
- StreetAuthority.com's Financial Glossary
A
fiscal year (or
financial year or
accounting reference date) is a 12-month period used for calculating annual ("yearly")
financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting require such reports once per twelve months, but do not require that the twelve months constitute a
calendar year (i.e. January to December). The financial results presented to shareholders are therefore a "photocopy" (or "snapshot") of the company's accounts at the accounting reference date. Fiscal years vary between businesses and countries.
Disparity with the calendar year
Often the fiscal or tax year is specifically established not to match the calendar year so that accounting year-end work does not coincide with periods of high activity, such as the Christmas shopping rush for retailers, or with
holiday periods when employees may prefer to take vacation.
A popular use of a non-calendar year as the fiscal year involves retailers. In many countries, at the end of December, levels of
inventory, receivables and
payables will be higher than at other month ends and consequently more complex and time-consuming to measure accurately. Therefore, retailers commonly use a month other than December to end their fiscal year. January may be chosen as the last month of the fiscal year because activity levels are likely to be closer to normal by the end of January.
In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include Cisco Systems and Tesco.
In the
United Kingdom, a number of major corporations that were once government owned, such as
BT Group and the National Grid UK, continue to use the government's fiscal year, which ends on the last day of March, as they have found no reason to change since privatisation.
Nevertheless, for about 65% of publicly traded companies in the
United States and for the vast majority of large corporations in the UK and elsewhere, except in
Australia, the fiscal year and calendar year are identical.
Many
universities have a fiscal year which ends during the summer, both to align the fiscal year with the
school year, and because the school is normally less busy during the summer months. Examples include
Harvard University Harvard fiscal year-end is June and the
University of Oxford University of Oxford fiscal year-end is July.
Operation in various countries
Such fiscal years are typically numbered using a calendar year and quarter thereof. A
fiscal quarter is 3 months (1/4 of a year). For example, the Federal government of the United States fiscal year for
2008 ("FY08", sometimes written "FY07–08") is as follows:
So the U.S. government's fiscal year begins on October 1 of the previous calendar year and ends on
September 30 of the year with which it is numbered. Prior to
1976, the fiscal year began on July 1 and ended on June 30. The Congressional Budget and Impoundment Control Act of 1974 stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from July 1, 1976 to September 30, 1976. As stated above, the tax year for a business is governed by the fiscal year it chooses.
The
Government of Australia's fiscal year begins on July 1 and concludes on
June 30 of the following year. This applies for personal income tax and the federal budget. In Canada, the
United Kingdom,
New Zealand,
India and Hong Kong, the government's financial year runs from April 1 to
March 31, and the
United Kingdom corporation tax is charged by reference to that period.
In the UK, the personal
tax year (which governs liability to income tax and capital gains tax) runs from April 6 to April 5. This reflects the old
ecclesiastical calendar, with New Year falling on March 25 (
Lady Day), the difference being accounted for by the eleven days "missed out" when
Kingdom of Great Britain converted from the
Julian Calendar to the Gregorian Calendar in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (
Times of Payment of Rents, Annuities, &c.) of the
Calendar (New Style) Act 1750, the 1752–3 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the "
old style" new year of
25 March. A 12th skipped Julian leap day in 1800 changed its start to
6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the
United Kingdom is still
6 April.
Ireland also used this year until 2001 when it was changed to match the calendar year (the 2001 tax year was nine months, from April to December).
Companies that are units within a "group" of businesses must all use nearly the same fiscal year (differences of up to three months are permitted in most jurisdictions, such as the U.S. and
Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.
References
- StreetAuthority.com's Financial Glossary
Fiscal year - Wikipedia, the free encyclopedia
A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations.
fiscal year - definition of fiscal year by the Free Online Dictionary ...
n. Abbr. FY. A 12-month period for which an organization plans the use of its funds.
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